Ahead of the festive season, gold rates have sparked the world market, making people think and predict the future price of the shiny metal. An American stockbroker and famous economist, Peter Schiff, warned that something big is coming in the near future as he forecast the gold rate to $4,400 on Friday, October 17.
Peter Schiff warned that something big is about to happen in the world economy. “This is getting serious. Gold is at $4,370. It could hit $4,400 tonight. That's a 10% move in just over a week. Something big is about to happen,” he wrote on X.
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Gold prices rose to $4,300 per ounce barrier on Friday, extending a record-setting rally and posting the strongest weekly advance since March 2020. The spot gold was up by 0.3% at $4,336.18 per ounce as of 0233 GMT, after hitting a high of $4,378.69, according to a Business Today report.
The US gold futures from December 2025 delivery rose 1% to $4,348.70. Gold price in Bullion rose to 8% this week, benefiting from mounting investor demand amid global economic uncertainty and renewed safe-haven flows. This comes after the tariff war between the US and China and the instability of the US government, along with speculation of further Federal Reserve rate cuts.
Non-yielding bullion, which tends to perform when the interest rates are low, has advanced more than 65% since the binging of 2025. The rally was influenced by the global tensions, includingthe Russia-Ukraine war.