Gold prices in the United States have reached record highs this week, as economic concerns and trade tensions continue to drive investors toward safer assets.
spot gold surged to $3,332.89 per ounce, closing slightly lower at $3,327.97. U.S. gold futures also climbed, ending the session at $3,324.50. This marked a 3.3% gain in one day one of the strongest jumps this year.
The rally is largely fueled by investor anxiety over new U.S. tariffs targeting China. Federal Reserve Chair Jerome Powell recently warned that prolonged trade friction could slow growth and increase inflation, prompting a rush to gold.
In response to the volatile climate, Citi revised its gold forecast to $3,500 over the next three months. Goldman Sachs took it a step further, predicting the metal could hit $4,500 per ounce if recession risks deepen. UBS also raised its outlook, citing continued demand from China and instability in global markets.
Even with a brief dip before the Good Friday holiday, gold has stayed above $3,300 a level analysts say reflects both strong demand and limited investor confidence in riskier assets.
A weakening U.S. dollar has added to gold’s momentum, making it more appealing for foreign buyers. At the same time, institutional investors and insurance firms, particularly in Asia, are increasing their gold reserves as a hedge against market swings.
With economic pressure building, many see gold’s momentum continuing. As uncertainty lingers, the metal remains a key refuge for those looking to preserve value.
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