Gold’s price is trading above $3,000 U.S. an ounce for the very first time.
The spot price of gold is currently at $3,015.40 U.S. an ounce, its 12th record high so far this year.
Analysts and investors had been eagerly waiting for gold to reach the $3,000 U.S. per ounce milestone.
The continued gains come as investors seek safe havens as stocks selloff sharply due to tariffs and signs of a U.S. economic slowdown.
The price of gold is up nearly 11% so far in 2025 after rising 27% in 2024.
Also propelling the price of bullion higher has been increased buying on the part of central banks around the world.
Central banks tend to increase their holdings of the precious metal during periods of geopolitical turmoil and uncertainty.
The People’s Bank of China has been particularly aggressive in buying gold in recent months.
Gold’s price is also gaining ground on growing fears that the U.S. economy might be headed for a recession.
The SPDR Gold Trust (GLD), the world’s largest gold-backed exchange-traded fund (ETF), reported its holdings of bullion rose to 907 metric tons in February, the highest level since 2023.
The next catalyst for gold will likely occur on March 19 when the U.S. Federal Reserve decides on interest rates.
Lower interest rates reduce the opportunity cost of owning gold and are bullish for the metal.
Related Stories
