BNP Paribas expects gold to top $3,000 due to Trump's vague trade policies

Uncertainty in the global economy and Trump's tariff plans caused a big sell-off in the US stock market. BNP Paribas strategists believe these factors are likely to push gold prices higher over the next while. 

Expert David Wilson expects bullion prices to top $3,000 an ounce in the medium term. He highlights that tariffs imposed during the Trump era and shifts in global diplomacy contribute to rising geopolitical risks.

BNP strategists have already revised their 2025 gold price forecast upward by 8%. Concerns over tariffs have spurred greater demand in the physical metals market. In Wilson's view, it is likely to rebalance in the second half of the year. 

Gold has gained over 10% in value since January, hitting several record highs. Wall Street largely credits these gains to continued central bank buying, as well as import duties from the US and other countries.