On Tuesday, gold prices reached a new record high, exceeding $3,000 per ounce, primarily as investors sought the metal as a safe-haven asset amid rising tensions in the Middle East and ongoing tariff discussions initiated by U.S. President Donald Trump.
Gatekeepers News reports that during early trading, spot gold peaked at $3,028.24 and later recorded an increase of 0.7%, settling at $3,023.30 per ounce.
This marks the first time gold prices surpassed the $3,000 threshold since March 14. Meanwhile, U.S. gold futures rose by 0.9%, reaching $3,032.
Gold, traditionally seen as a safeguard against geopolitical and economic uncertainty, has increased more than 14% since the beginning of the year and achieved record highs on 14 occasions in 2023.
In response to the evolving market conditions, ANZ has adjusted its three-month gold price forecast to $3,100 and its six-month prediction to $3,200. UBS has also set a price target of $3,200 for gold later this year.
Similarly, other precious metals saw gains as well, with silver rising 0.6% to $34.03 per ounce, platinum increasing by 0.6% to $1,005.70, and palladium climbing 1.4% to $977.96.
