Gold prices have surged to a new record high of nearly $4,180 per ounce, defying corrections seen in other financial markets, according to Commerzbank’s Head of FX and Commodity Research, Thu Lan Nguyen.
The continued rally reflects investors’ flight to safety amid renewed fears of an escalation in the US–China conflict. Tensions intensified after Beijing imposed sanctions on the American subsidiaries of a South Korean shipping company, in retaliation for recent US sanctions targeting China’s shipping sector.
“These developments highlight that the standoff between the two superpowers goes far beyond trade disputes,” Nguyen noted, warning that it “significantly raises the potential for further escalation.”
With the planned Trump–Xi meeting at the APEC summit in South Korea now clouded by geopolitical uncertainty, analysts say it is unsurprising that gold remains in strong demand as a safe-haven asset.
(Source: FXStreet / Commerzbank, October 2025)
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