Gold prices have surged to record highs, with futures reaching $3,649.40 a troy ounce on Friday, according to The Wall Street Journal. The rally fueled by investor unease over Trump’s trade policies, inflation risks, and geopolitical tensions. Demand has grown across ETFs, central banks, and retail investors, driving a 39 gain this year, the largest annual jump since 1979. Hedge funds now hold nearly half their net commodity assets in gold, while companies like IBV International Vaults in London are expanding storage capacity to meet demand. Analysts warn that stagflation risks make gold an attractive hedge, even as the U.S. dollar struggles through its weakest first half in five decades. State Street’s Aakash Doshi said stagflation fears create “a perfect environment for gold,” while others caution that renewed confidence in U.S. growth could slow the rally.