The recent surge in gold prices above $3,200 marks the beginning of a rally toward $4,000 per ounce, according to Mike McGlone from Bloomberg Intelligence. He believes that as the US stock market turns bearish and interest in Bitcoin wanes, investors will increasingly flock to the precious metal.
A decrease of the indicator value may contribute to the rise in quotes of Gold.
Gold prices rose 0.4% on Tuesday amid ongoing uncertainty over US President Donald Trump's tariff plans and their potential impact on the global economy.
The recent surge in gold prices above $3,200 marks the beginning of a rally toward $4,000 per ounce, according to Mike McGlone from Bloomberg Intelligence. He believes that as the US stock market turns bearish and interest in Bitcoin wanes, investors will increasingly flock to the precious metal.
Over the past few months, traders have been delivering gold bullion to Comex. This trend was driven by fears that gold could be caught up in Trump's tariffs. However, in early April, Washington confirmed that the trade duties would not apply to bullion. This triggered gold outflows from Comex.
Gold prices reached record highs on Friday, reportedly hitting $3,245.28 an ounce, driven by investor concerns over escalating United States tariffs, according to Reuters. This marks a 28% increase since mid-November.
Goldman Sachs raised its 2025 gold price forecast to a record $3,700 per ounce, citing escalating US-China trade tensions and growing America's economic concerns. This marks the third increase this year, following a March revision to $3,300.
Global trade uncertainty is driving up the price of gold as the main safe haven asset. Last week, the precious metal reached a new record high, consolidating above $3,200 per ounce. Between April 4 and 11, gold gained 6%, marking its biggest weekly jump since March 2020, according to Kitco News.
Gold prices on Monday retreated from the record high of $3,245 an ounce reached earlier in the morning session.
A decrease of the indicator value may contribute to the fall in quotes of Gold.
Swiss bank UBS has revised its gold price forecast upward, projecting the metal will reach $3,500 per ounce in 2025. Bank strategist Joni Teves cites the precious metal’s growing role as a safe-haven asset amid trade uncertainty, geopolitical risks, and slowing global economic growth.
Gold is not just glitter and beauty, but also a key asset in the financial sector.
Gold appears to be something more than just a metal. It is an indicator of economic stability and a tool for managing finances.
Staying up-to-date with the latest gold news is a key to successful management of your funds.
