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Gold prices continued their upward momentum, reaching over $2,780 per ounce and approaching their October record of $2,790.15, driven by President Trump’s demands for immediate interest rate cuts and his softened stance on China trade tariffs.
The precious metal’s fourth straight weekly gain coincides with the dollar hitting a one-month low, making gold more attractive to foreign buyers. Speaking at the World Economic Forum, Trump’s comments on monetary policy and trade have reinforced gold’s appeal as a hedge against economic uncertainty.
Independent analyst Ross Norman forecasts gold reaching $3,175 in 2025, while the broader precious metals market shows strength with silver, palladium, and platinum all positioned for weekly gains. The upcoming Federal Reserve meeting and potential new sanctions on Russia could further influence market dynamics, particularly for palladium given Russia’s significant role in production.
