Gold Price Hits New Record, Breaking US$2,950 for First Time

The gold price reached yet another record high on Thursday (February 20), breaking US$2,950 per ounce.

The yellow metal rose as high as US$2,954.72 before pulling back to the US$2,935 level, pushed upward by ever-increasing global turmoil, including tariff talks and ongoing tensions between Russia and Ukraine.

Gold price chart, February 13 to 20, 2025.

Chart via the Investing News Network.

Gold has also made headlines this week on the back of calls for an audit of Fort Knox.

The Kansas-based army installation reportedly holds 4,580 metric tons of gold, but despite ongoing requests has not been fully audited since 1953. Tech billionaire Elon Musk has suggested that the newly established US Department of Government Efficiency, better known as DOGE, should take on the task.

Long-term factors supporting gold include strong central bank demand and buying from eastern investors.

Don't forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.