Gold has eclipsed its inflation-adjusted peak set more than 45 years ago as growing anxiety about the US economic trajectory under Trump—including the independence of the Federal Reserve, the reliability of US economic data and uncertainty over his trade war—takes bullion’s blistering three-year bull run deeper into uncharted territory.
The spot price of gold has surged about 5% so far this month, with prices hitting an all-time high of $3,674.27 an ounce on Tuesday. It’s set more than 30 nominal records already in 2025, but the latest leg of the rally has also taken it through an inflation-adjusted peak set on Jan. 21, 1980, when prices topped out at $850.
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