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Gold started the week with a fresh record high, ahead of President Donald Trump’s expected latest tariff barrage that heightened concerns of a global trade war.
Several major banks have raised their price targets for the precious metal (gold), with Goldman Sachs Group this week ramping up its forecast to USD3 300 an ounce by year-end. Gold started the week with a fresh record high, ahead of President Donald Trump’s expected latest tariff barrage that heightened concerns of a global trade war.
Bullion gained as much as 0.8% to top USD3 110 an ounce, beating the previous all-time high set on Friday when it recorded a fourth weekly gain, with prices supported by growing haven demand amid a risk-off mood for markets. Trump signed a proclamation to impose a 25% tariff on auto imports, while traders are also bracing for the White House’s so-called reciprocal tariffs due Wednesday.
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Gold is up about 18% this year in a run that’s seen it clinch at least 15 all-time highs. The rally has been fuelled by central bank buying and haven demand amid rising geopolitical and macro uncertainties. Those drivers have supported prices even as swaps traders have pared bets on Federal Reserve easing this year to two quarter-point rate cuts. Lower rates tend to benefit non-yielding bullion.
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