Gold has pushed past $4,600 an ounce and precious metal funds are jumping with it — good news for gold holders, and a sign investors are hunting for safety.

• A weaker dollar and fading expectations of US rate hikes pushed gold to a new high.
• Leveraged gold funds in Taiwan are up nearly 30% this month, with silver funds also climbing sharply.
• Goldman Sachs says gold has recovered its longer-term uptrend, and options traders are betting on $4,800 to $5,500 within three to six months.
• Central banks buying gold, heavy global debt, and doubts about the money system are the deeper drivers.
• Ray Dalio has warned again that a US debt crisis could hit as soon as a year from now, and points to gold and crypto as the places to hide.

Outlook: Gold looks set to keep climbing while the dollar stays soft and debt worries build, though the pace of the recent run-up leaves room for sharp pullbacks.