Gold Prices Reach Record High Amid Tariff Concerns and Economic Uncertainty

Gold prices surged to a record high on Friday, surpassing $3,000 per ounce before slightly receding. This surge is attributed to investors seeking safe-haven assets amid concerns that President Trump's tariffs could fuel inflation and trigger an economic slowdown. Strategists at Macquarie have raised their gold price outlook, suggesting a potential rise to $3,500 per ounce in the third quarter. RBC Capital Markets strategists also increased their forecasts to $2,844 per ounce in 2025 and $3,111 per ounce in 2026. Central banks globally are increasing their gold reserves, potentially to diversify away from the U.S. dollar. Uncertainty surrounding Trump's trade policies has also led to sell-offs, with the S&P 500 entering a correction and tech stocks losing significant valuation.