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Gold prices reached an unprecedented high of $3,148.88 on Tuesday, extending their record-breaking rally amid growing investor concerns about global trade tensions.
The surge comes as markets brace for President Trump’s Wednesday announcement on reciprocal tariffs targeting all countries with trade imbalances.
This price momentum has been sustained by multiple factors: Goldman Sachs increasing its U.S. recession forecast from 20% to 35%, ongoing conflicts in Ukraine and the Middle East, and anticipated Federal Reserve interest rate cuts.
According to analysts, gold’s remarkable performance—closing its strongest quarter since 1986—stems from both central bank purchases since spring 2022 and Western investors seeking safe-haven assets. While the precious metal continues to climb toward a potential target of $3,300, some analysts caution about its overbought status, suggesting a correction may occur if prices fall below $2,955.
