Gold prices surged past $3,100 per ounce for the first time on Monday, driven by escalating geopolitical tensions and renewed concerns over U.S. tariffs under President Donald Trump. Spot gold reached an all-time high of $3,106.50 per ounce, marking an 18% rise year-to-date as investors seek safe-haven assets amid global uncertainty.
The precious metal has shattered multiple records this year, recently crossing the psychological $3,000 threshold—a clear reflection of market unease over economic instability, inflation, and geopolitical risks. Trump's push for aggressive trade policies, including a proposed 25% tariff on imported cars and a 10% tariff on all Chinese imports, has intensified fears of global trade disruption. A new round of tariffs is expected to be announced on April 2.
Analysts and major investment banks have responded by raising their gold price forecasts. Goldman Sachs now predicts gold could reach $3,300/oz by year-end, while Bank of America has revised its outlook to $3,063/oz in 2025 and $3,350/oz in 2026—up from previous targets of $2,750 and $2,625, respectively. UBS has also raised its projections.
"Gold’s safe-haven appeal has strengthened in light of tariff uncertainty and geopolitical risks," said analysts at OCBC, echoing a broader sentiment in the market. Marex consultant Edward Meir added, "Tariff issues will continue driving prices higher until there is some finality."
In addition to trade tensions, gold is benefiting from strong central bank purchases and rising inflows into gold-backed ETFs. These factors continue to fuel gold's rally, reinforcing its role as a hedge against inflation and financial instability.
With rising uncertainty worldwide, gold’s momentum shows no sign of slowing.


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