Wall Street forecasts further rise in gold prices due to persistent trade tensions

Gold prices hit fresh all-time highs this week, with year-to-date gains topping 25%. Wall Street analysts expect the rally to continue, as investors flock to safe-haven assets amid growing fears of a US recession and ongoing trade tensions, Yahoo Finance reports.

Gold prices continue to climb, fueled by record demand from central banks, massive inflows into gold-backed exchange-traded funds (ETFs), and a weaker US dollar. According to Mark Haefele of UBS Global Wealth Management, the precious metal could reach $3,500 per ounce this year.

Meanwhile, Goldman Sachs analysts predict gold could surge to $3,700 per ounce by year-end, calling current price levels an attractive entry point for investors. They argue that if the US enters a recession, inflows into gold-backed ETFs would accelerate, potentially pushing prices as high as $3,880 by December.