Gold prices surged above $3,400/ounce on April 21, hitting a record high due to a weak US dollar and uncertainties related to the economic impact of US-China trade tensions boosting demand for gold.
Spot gold prices increased by 2.7% to 3,417.62 USD/ounce at 1:46 p.m. on April 21, GMT. Previously, in the trading session, the world gold price reached a record high of 3,430.18 USD. US secondhand gold prices at the end of the session on April 21 increased by 2.9%, to 3,425.30 USD.
Reuters pointed out that the USD fell to its lowest level in the past 3 years as investors' confidence in the US economy continued to be shaken by President Donald Trump's statements about US Federal Reserve Chairman Jerome Powell. The weaker US dollar makes gold more attractive to investors holding other currencies.
As tariff tensions continue to escalate, we continue to see gold prices rising as a safe-haven reaction. There will be adjustments and profit-taking, but we still believe that the basic trend is still sideways to upward," said David Meger, director of metals trading at High Ridge Futures.
Gold has set many record highs and increased in price by more than 700 USD since the beginning of 2025. Gold prices surpassed $3,300 on April 16, with a strong increase and increased by another $100 in just the following few days.
Gold price fluctuations on such a big day are an initial sign that this prolonged rally is gradually reaching its peak and a short-term peak of the market is approaching, in terms of time, more in terms of price, said Jim Wyckoff, senior analyst at Kitco Metals.
Ahead of this record gold rally, Forbes asked: Will the $4,000 price become a new standard for gold prices. The report points out that from $3,300 an ounce, gold could increase by another 30%. However, this depends on many factors.
If we consider it in the short to medium term, such as within the next year, the 30% increase is significant but not unlikely. Because, with the development of gold prices since the beginning of the year, it will not be too surprising if the increase continues.
