Gold prices rose to around $4,150 an ounce on Thursday, supported by a broader flight to safety amid a global equity sell-off and rising inflation expectations. The tech rout, driven by concerns over the sustainability of AI spending in a high-interest-rate environment, added to market uncertainty. Meanwhile, US producer price data reinforced signs of mounting inflationary pressures, echoing Wednesday’s CPI report and strengthening expectations that the Fed will keep interest rates elevated for longer, putting further strain on heavily indebted borrowers. A weaker US dollar and ongoing geopolitical tensions in the Middle East and Ukraine provided additional support for the precious metal.