Gold Reaches New Highs Amidst Geopolitical Risks and Tariff Concerns
Gold futures reached a record high on Thursday, nearly touching $3,000 per ounce, driven by ongoing geopolitical and tariff tensions, as well as President Trump's announcement to verify the United States' gold reserves.
Analysts anticipate other nations will impose retaliatory measures, leading to inflation and increased demand for gold as a safe haven asset.
Uncertainty surrounding the Ukraine-Russia conflict and Trump's recent comments on reducing support for Ukraine have further contributed to the price surge.
Trump's intention to re-evaluate the US gold reserves at current market prices has fueled speculation of higher gold prices.
Goldman Sachs analysts have revised their 2025 year-end gold price forecast to $3,100 per ounce, citing increased central bank demand, particularly from China.
The strategist predicts that in the event of sustained policy uncertainty and tariff fears, gold prices could rise as high as $3,300 per ounce by year-end.