Gold extended its rally for a third consecutive session, reaching a high of $2,947 and approaching its record of $2,956.15 set on February 24.
Gold is expected to surge to record highs later this year as Donald Trump’s tariff war fuels market turmoil.
Analysts at Macquarie Group predict bullion could soar to an unprecedented $3,500 per ounce in the third quarter as investors seek refuge in safe-haven assets.
Currently trading at around $2,940 per ounce, gold is projected to average $3,150 between July and September, according to Macquarie.
Overnight, the precious metal came within $10 of its all-time high and has climbed 12% this year, driven by Trump’s escalating global trade conflict, which has prompted retaliatory measures from China, the EU, and Canada.
Adding to market concerns, fears of a U.S. federal shutdown are growing after Senate Democrats failed to agree on a stopgap funding bill on Wednesday.
Macquarie analysts stated: “We see gold’s continued price strength as largely driven by investors and official institutions increasingly valuing its lack of credit or counterparty risk.”
