The gold price is now up to 3,150 dollars per ounce, which can be compared to 2,658 dollars per ounce just three months ago.
The main driving force behind this exceptional gold rally is the increasing concern about an escalated trade war and geopolitical tensions – largely driven by the recent decisions and threats from US President Donald Trump, says Quasar Elizundia, at the analysis firm Pepperstone.
The gold price is historically a safe haven for investors in times of unrest, when they fear turbulence on other markets. It is also currently affected by several major central banks buying large quantities to fill up their gold reserves.
Many analysts expect the gold price to continue upwards. The forecasts for the 2025 gold price revolve around 3,300-3,400 dollars per ounce.
