The trade war initiated by President Donald Trump has propelled international gold prices to unprecedented highs, with gold prices on the brink of surpassing $3,000 per ounce. Experts anticipate that this bullish trend will persist in the near term.
On Thursday, April gold futures on the New York Mercantile Exchange (COMEX) closed at $2,994 per ounce, up 1.5% from the previous session. The spot price of gold also reached a new all-time high, trading at $2,985 per ounce as of 2 PM Pacific Time, representing a 1.7% increase from the previous day.
Gold prices surged 27% last year and climbed approximately 14% in 2025, maintaining their strong momentum. The rally is primarily driven by the Trump administration’s tariff policies, which have intensified global economic uncertainty and boosted demand for safe-haven assets.
Additionally, lower-than-expected U.S. consumer and producer price indices last month have fueled speculation about potential Federal Reserve interest rate cuts, further supporting gold’s upward trajectory.
Suki Cooper, an analyst at Standard Chartered Bank, explained that robust demand through gold ETFs, continued central bank purchases, geopolitical tensions, and shifting tariff policies sustain gold demand amid ongoing uncertainty.
Alex Ebkarian, Chief Operating Officer of Alliance Gold, predicted a prolonged bull market for gold, forecasting prices to range between $3,000 and $3,200 per ounce this year.
