Gold prices surged past $3,100 per ounce for the first time on 31 March, as investors sought refuge from escalating global uncertainty, Reuters reports. The rally was fuelled by market fears surrounding US President Donald Trump’s tariff policies, alongside broader concerns over inflation, geopolitical instability, and economic fallout.

Spot gold reached a record high of $3,106.50 per ounce, extending gains of more than 18% so far in 2025. The precious metal’s momentum – buoyed by its reputation as a safe-haven asset – has already seen it surpass the symbolic $3,000 mark earlier this month.

In response, several major financial institutions have revised their outlooks. Goldman Sachs now forecasts gold to reach $3,300 by the end of the year. Bank of America has also raised its projections, expecting gold to average $3,063 in 2025 and climb to $3,350 by 2026, significantly higher than previous estimates.

Strong central bank buying and sustained inflows into gold-backed exchange-traded funds (ETFs) are expected to keep fuelling gold’s impressive upward trend in 2025.

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Source: Reuters