Gold prices continue to rise, surpassing $3050.

Gold prices have risen due to global trade tensions that have increased safe-haven demand. Following U.S. President Trump's announcement of new tariffs on automobile imports starting next week, gold reached its highest level in nearly a week. Traditionally seen as a hedge against uncertainty and inflation, gold has surged more than 16% this year. After hitting an all-time high of $3,057.21 on March 20, gold faced a pullback to the $3,000 mark but has since approached record levels again.

For the first time since March 21, gold has risen above $3,050, currently trading at $3,050.65, reflecting a 1% increase. WisdomTree commodity strategist Nitesh Shah noted, “U.S. policies are creating significant uncertainty, and gold, as a defensive asset, is largely rising due to these uncertainties.” Investors are now looking at Friday’s U.S. personal consumption expenditures data, the Fed’s preferred inflation measure, for more insights into potential interest rate cuts. ANZ analysts maintain their bullish stance on gold but suggest a consolidation may be possible after the recent rapid rally towards $3,040. Goldman Sachs raised its end-2025 gold price forecast from $3,100 to $3,300, citing stronger-than-expected ETF inflows and ongoing central bank demand.