Gold Prices Soar to New Highs! Macquarie: Could Reach $3,500 in the Future!

TradingKeyMar 14, 2025 3:34 AM

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TradingKey - Spot gold prices surged to a new all-time high, with Macquarie forecasting a further 17% increase to $3,500.

On Friday, spot gold prices soared to a new high, reaching a peak of $2,990 per ounce and temporarily trading at $2,986.

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Spot Gold Price Chart, Source: TradingView.

Amid geopolitical uncertainties and concerns over U.S.President Trump's tariff policies, safe-haven demand has surged, driving gold prices up by over 13% this year. Yesterday, Trump threatened to impose 200% retaliatory tariffs on European wine and champagne, further escalating trade tensions and once again boosting gold prices.

Macquarie stated, "The deteriorating U.S. fiscal outlook signals rising inflation, strengthening gold's role as a hedge. The average gold price in the third quarter of this year could reach $3,150 per ounce, with a potential peak of $3,500 per ounce."

In fact, Wall Street remains broadly bullish on gold. Goldman Sachs predicts that gold prices will rise to $3,100 per ounce, while Citigroup expects prices to reach $3,000 per ounce this year.

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