Gold Surges Past $5000: Experts Predict Further Rise, Target $7000

• Gold prices hit a new record, crossing $5000 per ounce on Comex, reaching $5091, driven by geopolitical tensions and global uncertainty.
• Domestic 24-carat gold closed at ₹1,55,963 per 10 grams on MCX, after an intra-day high of ₹1,58,899 on January 23.
• Expectations of a US Federal Reserve interest rate cut, potentially influenced by a new US chief, are fueling gold's rally.
• Geopolitical events like US-NATO tensions over Greenland, conflicts in Ukraine and Gaza, and US tariff threats against Canada are boosting gold's appeal.
• Analysts predict gold could reach $5500-$7000 per ounce long-term, supported by a weaker dollar, global debt, and central bank buying.

Why It Matters: Gold's record surge past $5000 is expected to continue, with experts forecasting targets up to $7000.