Gold prices reached a new high again, boosted by worries over US President Donald Trump’s tariffs, the potential economic fallout, and geopolitical tension.
On Monday, the gold price is now over $3,100 per ounce. As of 10:40 Bangkok time, the value reached $3,107.82 per ounce.
The gold has gained more than 18% so far this year and broke multiple record highs. In the middle of March, the growing concerns over economic instability, geopolitical tensions and inflation pushed the gold value over $3,000 per ounce for the first time.
Several banks have increased their price forecasts for gold. Goldman Sachs anticipates that by the year’s end, gold price will reach $3,300/oz instead of $3,100. Bank of America also shifted the estimation of the 2025’s gold value from $2,750/oz to $3,063/oz and the estimation of the 2026’s from $2,625/oz to $3,350/oz.
Edward Meir, consultant at Marex, stated that tariffs will continue being the main factor that pushes the gold prices until the president’s tit-for-tat campaign finds some finality.
Since taking office, Trump has imposed several tariffs for the purpose of protecting US industries and reducing trade deficits. He also plans to announce a fresh set of reciprocal tariffs on April 2.
In addition, additional factors, such as robust central bank demand and exchange-traded fund inflows, also supported gold’s rally this year, according to analysts and investment banks.
