Gold price has crossed the landmark price of $3,100, all thanks to the uncertainty brewing in the financial world. On Monday, Gold surpassed $3,100, reaching an all-time high due to strong safe-haven demand amid concerns over Trump’s trade war. Gold in the international market is currently trading at an intraday high of $3,111.
According to reports, Trump is considering imposing higher trade tariffs on several countries when his pre-announced reciprocal tariff plans go live on April 2. In addition, Trump said that if Moscow hinders his efforts to end the Ukraine war, he will impose 25-50% secondary tariffs on Russian oil, and he has threatened Iran with more tariffs and airstrikes if Tehran fails to reach a nuclear deal.
The global financial risk is increasing and in such scenarios, gold remains a safe-haven choice to park money. With demand from central banks and institutional investors rising, gold is conquering new record highs each day.
Global financial risk is rising and gold remains a haven for investors when uncertainties abound. With increased demand from central banks and institutional investors, gold is setting new records daily.
The gold price doesn’t look to stop reaching new levels anytime soon. Although the current bullishness in gold is highly news-driven, a correction in the short term may not be ruled out.
Bank of America (BofA) has increased its gold price average predictions for this year and next, emphasizing that uncertainty caused by US trade policy will continue to support prices in the near term.
BofA now anticipates gold to sell at $3,063 per ounce (oz) in 2025 and $3,350/oz in 2026, according to a note issued on Wednesday. This represents an increase from its earlier predictions of $2,750/oz for 2025 and $2,625/oz for 2026. However, BofA warned that US fiscal consolidation, lower geopolitical tensions, and a return to collaborative inter-governmental interactions, including more targeted tariffs on April 2, are all major dangers to bullion’s gain.
Many market experts believe that gold is likely entering the final leg of the rally into an April peak. Typically, the bullish cycle peaks arrive when prices breach the upper boundary of the 10-week EMA envelope. Gold price is expected to reach $3,200 in the near term, with a potential spike above this level becoming increasingly probable.
The 24-carat gold rate today in India is Rs 89,160.
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