On the eve of the Easter holiday, international gold prices continued their record-setting rally, surpassing the $3,300-per-ounce mark for the first time. This historic moment occurred on Wednesday morning, with spot gold prices climbing to as high as $3,318 per ounce, representing a 2% gain within a single day and a cumulative increase of 25.8% so far this year.
The escalation of global political and economic uncertainties has driven investors to seek the safety of gold at an accelerated pace. A key catalyst is U.S. President Trump’s recent trade policies—after escalating trade disputes, he recently signed an executive order that could impose tariffs on critical minerals, further exacerbating fears of a full-scale trade war. At the same time, the U.S. has imposed new restrictions on NVIDIA’s export of high-end chips to China, adding further pressure on global stock markets.
Goldman Sachs recently predicted that gold prices could reach $4,000 per ounce by mid-2026. Meanwhile, Australia’s ANZ Bank provided a more immediate target, forecasting that gold prices might rise to $3,600 per ounce by the end of this year. Analysts generally agree that the consistent increase in physical gold holdings by exchange-traded funds (ETFs), coupled with the steady accumulation of gold reserves by central banks worldwide, is providing strong support for gold prices.
BlackRock Investment Institute predicts that risk assets will remain volatile, while long-term U.S. Treasuries are underweighted. Analysts pointed out that tariffs will exacerbate persistent inflation, while the U.S. Congress’s recent budget plan has reinforced expectations of a long-term fiscal deficit in the U.S. Against this backdrop, they view gold as a valuable tool for portfolio diversification.
Invesco’s analysts highlighted that an increasing number of countries no longer trust the U.S., with the credibility of U.S. debt as a “safe asset” declining. As a result, gold is becoming the preferred haven for global capital. In essence, this “gold rush,” spurred by a combination of risk factors, is profoundly reshaping global asset allocation patterns.
The current price levels have provided significant profit margins for global mining companies. With gold prices strengthening, exploration companies with abundant funding and high-quality projects are beginning to attract market attention. Industry giants such as Agnico Eagle Mines, Barrick Gold, and Newmont Corporation are expected to see even greater gains during this gold bull market.
