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Gold Soars to Record Highs Amid Tariff Turmoil

Gold futures surged to an all-time high on Friday as escalating trade tensions rattled financial markets.

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The Trump administration’s announcement of 25% tariffs on foreign autos sparked fears of a global trade war, pushing investors toward the safety of the precious metal. Gold futures climbed to $3,115.30 per ounce, reflecting a 0.79% increase. Spot gold similarly reached a record $3,086.70 per ounce, marking its eighteenth record high of the year.

The precious metal has gained over 17% in the last quarter, positioning itself for its strongest year-to-date performance in nearly four decades. A weakening US dollar has further bolstered gold’s appeal, with the Dollar Index (DXY) down 2.8% this year.

Wall Street Analysts Boost Gold Forecasts
Financial institutions are increasingly bullish on gold’s outlook. Bank of America (BAC) recently raised its price target to $3,500 per ounce over the next 18 months, citing increased buying from China, central banks, and investors in gold-backed ETFs. Goldman Sachs (GS) followed suit, setting a year-end target of $3,300 per ounce, citing robust demand and ongoing economic uncertainty.

JPMorgan (JPM) analysts even suggested that gold could touch $4,000 per ounce, referencing the commodity’s accelerated price movements. They highlighted the rapid jump from $2,500 to $3,000 in just 210 days, significantly faster than previous increments.

Safe-Haven Demand Strengthens
Investors are flocking to gold as a hedge against geopolitical and economic instability. The tariffs have heightened concerns about global trade relations and their impact on the US economy. Additionally, rising gold inventories on the Comex exchange in New York indicate strong institutional demand.

ETFs tracking gold saw record inflows, with investors injecting over $6 billion in the past month alone. Central banks have also bolstered their reserves, further supporting prices. Meanwhile, silver and copper prices have also risen, driven by similar trade war fears and increased industrial demand.

With tariff concerns mounting and interest rate cuts anticipated later this year, gold remains a favored asset for investors seeking stability. However, analysts caution that the metal’s rapid ascent may lead to profit-taking pullbacks, even as its long-term outlook remains positive.


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