Gold price forecast: Will gold surpass record highs?

Bloomberg commodity indexes rose for a fourth straight week on worries that a war between Israel and Hamas could spread across the Middle East, raising concerns about European crude and natural gas supplies. Additionally, deteriorating crop conditions in the southern hemisphere have boosted the agricultural sector, while a continued surge in U.S. bond yields has led investors to seek the safety of the Swiss franc, particularly gold. Gold has gained about $160 in the past two weeks, underscoring growing concerns among traders and investors not only about the geopolitical landscape but also about U.S. fiscal policy and whether recent economic growth is real.