Gold Soars to Record Highs Amidst Escalating Tariff Threats and Bullish Analyst Sentiment
Key Points:
* Gold surged over $2,900, reaching a new all-time high on Monday.
* Escalated trade tensions fueled buying, with analysts remaining bullish on gold's safe-haven status.
* US tariffs on steel and aluminum, along with retaliatory measures by other countries, drove demand for gold.
* Wall Street analysts, including UBS and Goldman Sachs, maintain positive outlooks for gold.
* JPMorgan anticipates potential downside from equity sell-offs but emphasizes the medium-term bullish case supported by tariffs.
* Strong central bank demand contributed to record-breaking gold purchases in 2024.
* Gold demand remains elevated, leading to a nearly 10% year-to-date increase and a 27% rise in 2024.