Gold Hits Record High as Investors Seek Safe Haven Amid Global Uncertainty

Global gold prices have surged to a fresh record high in Asian trading today, as investors sought refuge in the safe-haven asset amid ongoing economic and geopolitical uncertainties, according to Reuters.

Spot gold climbed by 1.9%, hitting $3,287.79 per ounce by 6:48 AM GMT after earlier reaching a new peak of $3,294.99 per ounce.

Meanwhile, US gold futures also saw significant gains, rising by nearly 2% to breach the $3,300 mark, touching $3,304.20 per ounce.

Market participants are now keenly awaiting the release of US retail sales figures later today for further clues about the health of the American economy and potential shifts in the US Federal Reserve's (Fed) monetary policy.

So far this year, gold has experienced a remarkable rally, with prices climbing by a substantial 25% and hitting successive all-time highs.
 

Nicholas Frappell, global head of institutional markets at ABC Refinery, attributed the surge to "uncertainty surrounding rising tariffs and a more belligerent US administration impacting goods moving through third countries and likely to damage global supply chains," factors that are proving supportive for gold.

Brian Lan, managing director at Singapore-based dealer GoldSilver Central, echoed this sentiment, stating that "gold will remain strong as long as uncertainty persists."
 

Analysts at ANZ Bank also believe in the continued strength of the precious metal, noting that "safe-haven buying in gold remains intact."

The bank has revised its year-end 2025 gold price forecast upwards to $3,600 per ounce and its six-month outlook to $3,500 per ounce.