Gold breaks through record highs, on track for best quarter since 1986. Gold has surged to a record high of $3,087, signaling strong bullish momentum. Investors are now targeting the following resistance levels at $3,125 and $3,177, anticipating further gains.
This week, the gold market not only maintained solid support above $3,000 an ounce, but momentum is now building toward the $3,100 level—potentially just another minor pause in an accelerating rally. Gold is poised to close out the first quarter of the year with an impressive 18% gain, marking its strongest quarterly performance since July 1986.
Market analysts attribute this surge to rising safe-haven demand as President Donald Trump’s import tariffs and the resulting global trade tensions have rattled equity markets. While gold shines with its best quarter in 39 years, the S&P 500 is headed for a 5% decline—its worst quarterly showing since July 2022.
Looking ahead, uncertainty and market anxiety continue to support gold’s upward trajectory. Next week, President Trump is expected to announce a fresh wave of global tariffs, deepening the ongoing trade war.
Reflecting this bullish sentiment, Bank of America has raised its gold price forecasts, now predicting a rise to $3,500 by 2027. Given the current pace of gains, however, that projection may prove conservative.
They’re not alone—Goldman Sachs anticipates gold ending the year at $3,300 per ounce, while Société Générale projects the same target for 2025. SocGen analysts even see a potential path to $4,000 if geopolitical tensions intensify.
A common thread among these upward revisions is increasing concern about the U.S. economic outlook. Bank of America warned that Trump’s “America First” stance could evolve into “America Alone,” prompting central banks to increase gold reserves and reduce exposure to the U.S. dollar.
Meanwhile, SocGen has expressed doubts about American exceptionalism, shifting their multi-asset portfolio away from U.S. assets and into European equities. They’ve also cut U.S. dollar holdings in favor of the yen and euro, while maintaining a 7% allocation to gold.
“Gold remains a strong momentum play in an environment where shifting geopolitics under the U.S. administration are triggering major policy responses,” SocGen analysts noted.
Silver is also enjoying the spotlight, with prices pushing above $34 an ounce and growing investor interest pointing to $35 and beyond.
