Gold prices have hit a record high, surpassing $3,000 per ounce as investors seek safe-haven assets amid escalating geopolitical tensions and economic instability.
On Tuesday, spot gold reached an all-time peak of $3,028.24 before settling at $3,023.30 per ounce, marking a 0.7% increase. U.S. gold futures also climbed 0.9% to $3,032. This latest surge follows a steady rise in gold value, with the metal gaining over 14% year-to-date and setting record highs 14 times in 2025.
Analysts attribute the increase to renewed fears over Middle East conflicts and U.S. economic policies, particularly President Donald Trump’s tariff plans. Gold is traditionally seen as a hedge against economic instability, driving investors toward the precious metal in uncertain times.
Financial institutions have responded to the rally, with ANZ raising its three-month gold price forecast to $3,100 and its six-month outlook to $3,200. Similarly, UBS has set a price target of $3,200 for gold this year.
In addition to gold, other precious metals have also experienced gains. Silver rose by 0.6% to $34.03 per ounce, platinum increased by 0.6% to $1,005.70, and palladium climbed 1.4% to $977.96.
