Gold is holding steady near historic levels as multiple factors reinforce its haven appeal. The precious metal, trading over $2,940 an ounce, has been bolstered by President Trump’s latest announcement of 25% tariffs on automobiles, semiconductors, and pharmaceuticals.
Adding to the momentum are geopolitical tensions sparked by U.S.-led Ukraine peace initiatives and sustained central bank buying. After surging more than 25% in 2024, gold’s outlook remains bullish.
Goldman Sachs has upgraded its year-end forecast to $3,100, suggesting prices could even reach $3,300 if economic policy uncertainty continues. Meanwhile, silver is also performing well, up 14% this year to around $33 an ounce.
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