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Gold remains on track for further gains despite pulling back from February’s peak of $2,954. Many analysts still believe the precious metal can reach $3,000 per ounce.
Financial analyst Jesse Colombo, who predicted the last financial crisis, sees the recent dip as temporary. He attributes it mainly to “the sharp rally in the U.S. dollar rather than any intrinsic weakness in gold itself,” pointing out that gold has performed much better when priced in euros.
The key factors that drove gold’s strong February performance remain in place. The Trump administration’s plans to impose tariffs on China, Mexico, Canada, and the European Union have heightened economic uncertainty, pushing investors toward safe-haven assets.
Meanwhile, shifting developments in Russia-Ukraine peace talks are influencing market sentiment. Analyst Ajay Kedia suggests the recent pullback partly reflects a reduced “war premium” following apparent progress in negotiations. Nevertheless, Kedia maintains his $3,000 target if talks fail to establish a clear path to peace.
Physical demand continues to be strong. Singapore-based dealer Bullionstar reports “unprecedented demand” for large gold bars from its suppliers, creating supply shortages as both individual investors and institutions enter the market.
