At the beginning of this week, the gold price also surpassed the $3,100 per ounce mark and currently shows no signs of losing its upward momentum. Concerns regarding the numerous import tariffs imposed by the current US administration and uncertainty about Donald Trump’s next moves continue to allow the precious metal to benefit from its reputation as a safe haven.

This means that the value of an ounce of the yellow metal has risen by more than 19% since the beginning of the year alone. Investors are primarily seeking to protect themselves against economic instability, geopolitical tensions, and inflation through gold purchases, which was already evident when the gold price surpassed the $3,000 per ounce mark at the beginning of March.

Along with the gold price, the forecasts of some major banks have risen, as we have already reported. For example, last week Goldman Sachs raised its target for the gold price in 2025 to $3,300, but now also speaks of an “extreme scenario” in which gold could rise to $4,500 per ounce. Saxo Bank also expects $3,300 per ounce of gold this year, while UBS’s target – $3,200 per ounce – is now within reach.

Overall, many analysts and market observers believe that, given the uncertain global situation, the gold price still has room to rise – particularly due to Trump’s trade policy. Only when the “tit-for-tat” comes to an end can the US tariff policy fade into the background, it was said.

Additionally, demand from the official sector (central banks) remains high, and inflows into gold ETFs also increased last month. On March 21 alone, ETF gold holdings rose by 23 tons (source: Heraeus). This is the strongest daily increase since 2022. Analysts and experts therefore expect the gold rally to continue for now.