Gold tops $3,000 for first time on Trump tariff war, stocks rebound

Germany is poised to pursue essential structural reforms while hoping for an end to the economic downturn,

said Jochen Stanzl, an analyst at CMC Markets

Recent rallies have run into a buzzsaw of selling pressure,

said Nathan Peterson, an analyst at Charles Schwab

Investors, such as real money managers, especially those located in the West needed a growth and stock market scare big enough to persuade them back into gold. That is what we are seeing,

said Ole Hansen, head of commodity strategy at Saxo Bank

In the U.S., some investors may be less concerned despite similar global risks, possibly due to stronger confidence in the domestic economy,

Alexander Zumpfe, a precious metals trader at Heraeus Metals

Demand for gold as a safe-haven asset has increased significantly as the US' trade policies have sparked market uncertainty,

Dong Shaopeng, a senior research fellow at the Chongyang Institute for Financial Studies at Renmin University of China, told the Global Times on Friday

Expectations on the US Federal Reserve's rate cuts strengthened, weakening the attractiveness of the US dollar and reducing the cost of gold holdings. This promoted funds into the gold market,

Zhou Yinghao, a senior gold analyst at the Bank of Urumqi, told the Global Times on Friday

Upside could come from stronger than expected central bank demand, or from a rapid deterioration of financial conditions leading to flight-to-quality flows,

read WGC's report on Gold Outlook 2025

This is what has pushed gold to break record after record thus far, and with rising inflation expectations, lower rates, and continued uncertainty, we continue to see support for gold looking ahead,

he added

We expect central banks to continue playing a key role in 2025, with more investors entering exchange-traded gold funds,

WGC expert Louise Street told Manager Magazin

It is causing uncertainty in financial markets, making gold, once again, a safe-haven asset,

he told DW

The biggest driver of the strong rise in gold prices is the uncertainty surrounding US President Donald Trump's tariff policies,

he said,

Gold demand in China and India will likely weaken due to the recent surge in prices and record-high price levels,

he said

Russia’s rejection of the US-proposed 30-day ceasefire in Ukraine has reignited geopolitical instability,

said Viktoria Kuszak, a research analyst at Sucden Financial, a trading firm

Central banks, including the People’s Bank of China, have been adding to their (gold) stockpiles rather than risk having foreign reserves seized, as happened to Russia,

he said

With equity markets selling off and unpredictable political risks, we are starting to see a return of Western investors to gold, which could propel it to much higher levels,

said John Ciampaglia, CEO of Sprott Asset Management

Central banks may ramp up gold purchases amid market uncertainties, not just to hedge against the U.S. dollar but to anchor their currencies to gold as well,

Ting said

With continued central bank buying, there are multiple factors driving demand. In a backdrop of geopolitical uncertainty and ongoing tariff changes, appetite for gold remains strong,

said Standard Chartered analyst Suki Cooper

The inflation data is helping to give the market confidence that the easing cycle will continue, given concerns around inflation and growth,

said Standard Chartered analyst Suki Cooper

There will likely be increased flows into safe-haven assets like gold, especially as investors move away from equity growth stocks amid rising uncertainties and future concerns,

said Dina Ting, Head of Global Index Portfolio Management at Franklin Templeton

There are no signs of gold prices stabilizing,

said Shamlal Ahmed, Managing Director of International Operations at Malabar Gold & Diamonds