Gold has surged to a record $2,940 per ounce, marking its seventh peak in 2025 and an 11% gain this year following 2024’s 27% advance.
President Trump’s announcement of 25% tariffs on steel and aluminum imports has amplified inflation concerns, while central banks’ persistent buying – surpassing 1,000 tons annually for three straight years – demonstrates sustained institutional demand.
The gold market’s enthusiasm is evident in the unusual premium for U.S. gold futures, currently around $28 over spot prices, sparking a global scramble to move physical gold to American exchanges. This has led to a significant 90% increase in COMEX warehouse stocks since November and a corresponding 1.7% decline in London vault holdings.
With China expanding its gold investment framework and central banks accelerating their purchases following Trump’s election, analysts view the metal’s push toward $3,000 as increasingly likely, marking a historic milestone in gold’s enduring appeal as a safe-haven asset.