Gold rally to continue as safe-haven demand surges: Kitco News survey

Gold prices continued to surge this week amid concerns about US President Donald Trump's import tariffs, inflation in the United States, and geopolitical risks. Due to these factors, 85% of analysts surveyed by Kitco News expect further gold gains, while only one expert (5%) predicts a price decline for the precious metal. Two other respondents (10%) forecast further consolidation for gold.

This week is full of market-moving events that could boost gold's appeal as a safe haven. Key highlights include President Trump’s expected announcement of new global tariffs on Wednesday, along with the release of the March US nonfarm payrolls report and other data, Kitco News reports.

CPM Group analysts are advising investors to stay long or buy gold, with an initial target price of $3,200 per ounce. They expect the precious metal to hit all-time highs in the first four months of 2025, before pulling back moderately during the second and third quarters as market concerns over economic and political risks “normalize”.