Finance Associated Press, April 12 (edited by Zhao Hao) On Friday (April 11) during the New York session, spot gold continued its recent strong trend, rising as high as $3,245.47 per ounce during the day, which was also the second consecutive day that gold prices set a new historical record.
As of press time, spot gold prices have retreated and are now trading at $3,238 an ounce, up more than 23% year-to-date. Spot silver rose more than 3% to $32.25 an ounce during the day, up 11% for the year.
During the day, the price of gold futures on the New York Mercantile Exchange also strengthened significantly, reaching as high as $3,263 per ounce, breaking through the all-time high on April 2.
Nitesh Shah, commodity strategist at WisdomTree, said, "In a world upended by Trump's trade war, gold has become seen as the most favored safe-haven asset. ”
"The dollar is depreciating, and U.S. Treasuries are selling off aggressively as confidence in the U.S. as a reliable trading partner wanes," Shah added. ”
Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany, commented that the growing risk of recession in the United States, the surge in Treasury yields and the continued weakening of the US dollar – all factors have strengthened gold's role as a crisis hedge and inflation shield.
UBS analyst Giovanni Staunovo believes there is room for further upside in gold prices, "Our more optimistic forecasts show that the target for gold in the coming months is between $3,400 and $3,500 an ounce." ”
In addition to tariffs, Trump has been pushing the Fed to lower its benchmark interest rate. Traders are now betting that the Fed will cut rates in June, reaching about 90 basis points throughout 2025.
Metals trader Tai Wong said, "As CPI and PPI give the Fed more room to cut interest rates, it will continue to exert downward pressure on the dollar." Therefore, the future trend of gold is upward. ”
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