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Gold prices soared past the $3,000 mark for the second time in a week, hitting a record high of $3,014.83 per ounce on Tuesday as investors sought refuge from economic uncertainty. Spot gold was up 0.4% at $3,012.74 per ounce as of 0420 GMT, while U.S. gold futures climbed 0.5% to $3,021.70.
The surge was driven by a weaker U.S. dollar, which hovered near a five-month low, making gold more attractive to global buyers. Marex analyst Edward Meir noted that gold’s record-breaking rally is fueled by technical buying and a lack of chart resistance.
Gold has gained over 14% this year, benefiting from rising geopolitical risks and economic concerns linked to U.S. President Donald Trump’s tariff policies. Trump has announced tariffs, including a 25% duty on steel and aluminum since February, with additional sectoral tariffs expected on April 2.
ANZ revised its gold price forecasts higher, projecting $3,100 per ounce in three months and $3,200 in six months, citing escalating trade tensions, monetary easing, and strong central bank demand. Meanwhile, Federal Reserve economic projections this week could provide further insight into the impact of Trump’s policies, with economists forecasting slower U.S. growth, higher inflation, and potential recession risks.
Geopolitical tensions remain a key driver for gold, with Israeli airstrikes in the Middle East adding to market uncertainty. Silver edged up 0.2% to $33.90 an ounce, platinum gained 0.4% to $1,004.00, and palladium rose 0.6% to $970.49.
