Gold prices are forecast to increase to $3,100/ounce in the next 3 months and to $3,200 in the next 6 months, according to research by ANZ Bank published on March 17.
Gold prices surpassed the $3,000/ounce mark for the second time on March 17, setting a new record as investors seek a safe source of investment amid economic concerns caused by US President Donald Trump's tax policy.
Spot gold prices rose 0.2% to $3,006.88 an ounce as of 5:25 a.m. on March 18, GMT, after hitting a record high of $3,016.92 an ounce at the beginning of the session. Gold prices increased above the $3,000/ounce mark for the first time on March 14.
For gold, "we still maintain the bullish view, in the context of strong momentum from escalating geopolitical and trade tensions, loose monetary policies and strong central bank buying" - ANZ Bank stated.
Gold is considered a safe asset in the face of geopolitical instability. Gold prices have risen more than 14% this year. Since US President Donald Trump took office in January 2025, gold prices have reached a record 14 times high due to trade tensions boosting safe-haven demand.
"For the gold market, concerns about import tariffs have reduced liquidity in the London spot gold market, as supply shifts to the US. This has prompted price-different transactions, with the gap widening between Comex gold futures and London spot gold. We believe that this supply imbalance needs time to return to normal" - ANZ added.
"Gold prices are rising due to a weaker US dollar and prolonged tariff uncertainties. When gold prices hit a record high, buying according to chart and technical analysis is taking place strongly because there is no clear resistance on the chart" - Marex analyst Edward Meir shared with Reuters.
President Donald Trump has announced the imposition of a series of tariffs, from a fixed 25% tax on steel and aluminum effective in February to counterpart tariffs and sectoral tariffs expected to be imposed from April 2.
New economic forecasts from US Federal Reserve (Fed) officials this week will be the clearest evidence of the potential impact of the policies of the Donald Trump administration.
Forecasters have lowered the US growth outlook in 2025, raising concerns about the possibility of recession as well as expected inflation increase.
" Israeli airstrikes could also spark tensions again in the Middle East, which could add to the momentum to push gold prices higher," noted Kyle Rodda, a financial market analyst at Capital.com.
