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“With the price now reaching our long-held target of $3,000/oz, the main question is whether the rally will continue. We think so, as long as policy risks and an intensifying trade conflict continue to spur safe-haven demand,” UBS said.

Source – Seeking Alpha

UBS Group AG – formerly Union Bank of Switzerland, is a multinational investment bank and financial services company based in Switzerland.

Gold prices made steady progress last year and have continued that with a very strong start to this year, said George Milling-Stanley, chief gold strategist at State Street Global Advisors. That has led to April gold’s settlement at $3,001.10 an ounce on Comex Friday, the highest most-active contract finish on record.

Source – Market Watch

“Gold is an asset that is able to preserve value under the biggest variety of macroeconomic dislocations that we have seen,” said Thomas Kertsos, co-portfolio manager at First Eagle Investment Management LLC. “We’ve seen that over centuries gold has been able to — despite the volatility — always mean-revert and always maintain its purchasing power, all while providing significant liquidity.”

“You’ve got huge uncertainty coming out of US policy that’s also just casting its shade over the global economy this year,” said Ian Samson, a multi-asset portfolio manager at Fidelity in Singapore.

The foundations for the gold rally were partly set by global central banks’ wariness of relying heavily on the US dollar, also a reflection of geopolitical uncertainty.

Source – Bloomberg

Rally – is a period of sustained increases in the prices of related indexes. In this case we are talking about gold.

Paul Williams, managing director of Solomon Global, said about the rise in gold prices that it was a “direct response to escalating trade tensions and the growing economic uncertainty that this brings.”

Source – Reuters

Futures – are contracts to buy or sell a specific underlying asset at a future date. In this case we are talking about gold.

Spot gold hit a record $3,004.86 per ounce on Friday, marking its thirteenth all-time high in 2025. Prices have already climbed 14% this year, after surging 27% in 2024.

“With continued central bank buying, there are multiple factors driving demand. In a backdrop of geopolitical uncertainty and ongoing tariff changes, appetite for gold remains strong,” said Standard Chartered analyst Suki Cooper.

“The inflation data is helping to give the market confidence that the easing cycle will continue, given concerns around inflation and growth,” said Standard Chartered analyst Suki Cooper.

Source – Reuters

“Gold continues its bull market that we’ve been talking about really now for a couple of years ever since gold was down to $1,800,” DoubleLine Chief Executive and Chief Investment Officer Jeffrey Gundlach told investors on a call he hosted that was held this week, but before gold futures reached the $3,000 per ounce milestone for the first time.

“I’d be so bold to say I think gold will make it to $4,000. I’m not sure that’ll happen this year, but I feel like that’s the measured move anticipated by the long consolidation at around $1,800 on gold,” he said.

Source – Market Watch

Jeffrey Edward Gundlach – is an American businessman, investor, and philanthropist. He is the founder of DoubleLine Capital an investment firm.

DoubleLine Capital – American investment management firm. Headquarters in Tampa, Florida.

“Year-to-date, gold has been running ahead of our expectations,” Marcus Garvey, head of commodities strategy at Macquarie, wrote on Thursday. 

“We are raising our gold price forecast to a 3Q25 quarter average peak of $3,150 per ounce and our single point price high to $3,500 per ounce,” Garvey wrote. 

“President Trump’s rapid move to announce, if not always to enact, import tariffs has contributed to geopolitical uncertainty and boosted inflation expectations, helping push down front-end real rates and supporting gold in the face of periodic USD strength and initially reduced expectations for Fed rate cuts,” the strategist wrote.

Source – Yahoo Finance

Macquarie Group Limited – is an Australian multinational independant investment bank and financial services company. Headquarters in Sydney, Australia. Listed as ASX