Gold surged past the $3,000 mark on Tuesday, reaching a new record high as investors flocked to the precious metal amid escalating geopolitical tensions in the Middle East and renewed U.S. tariff policies under President Donald Trump.
Spot gold peaked at $3,028.24 in early trading before settling at $3,023.30 per ounce by 09:27 GMT, reflecting a 0.7% increase. This follows its initial breakthrough of the $3,000 threshold on March 14. Meanwhile, U.S. gold futures climbed 0.9% to $3,032 per ounce.
The metal, widely regarded as a hedge against economic and political uncertainty, has risen over 14% this year, achieving record highs 14 times. Analysts are adjusting their forecasts accordingly, with ANZ raising its three-month gold price outlook to $3,100 and projecting $3,200 within six months. Similarly, UBS has set a price target of $3,200 for the year.
Silver also saw gains, rising 0.6% to $34.03 per ounce, while platinum edged up 0.6% to $1,005.70. Palladium registered a stronger increase, climbing 1.4% to $977.96 per ounce.