Gold prices surged today, climbing 0.82% to reach $3,047.40 per ounce as investors flocked to safe-haven assets following U.S. President Donald Trump’s announcement of 25% tariffs on imported cars and light trucks. The precious metal traded in a range between $3,017.76 and $3,055.96, approaching its recent all-time high of $3,057.21 reached on March 20 in the spot market. Silver also posted strong gains, rising 1.10% to $34.16 per ounce. Market analysts attribute today’s rally directly to growing concerns that Trump’s reciprocal tariffs, scheduled to take effect on April 2, could fuel inflation, slow economic growth, and heighten global trade tensions.
Physical gold stocks continue to build in the United States as investors prepare for potential further economic uncertainty, with New York gold inventories having climbed 25% last month following a 43% jump in January. COMEX inventories now stand at 42.6 million ounces, double the inventory level recorded in December 2024. Financial institutions are increasingly bullish on the precious metals outlook, with Goldman Sachs recently raising its end-2025 gold price forecast to $3,300 per ounce from $3,100, citing stronger-than-expected ETF inflows and sustained central bank demand. Aakash Doshi, global head of gold at SPDR ETF Strategy, expects gold will breach $3,100 in the second quarter and notes that “the market could potentially push another 8%-10% higher by end-2025 if the current macro and physical market tailwinds sustain for the yellow metal”.
