Gold Hits $3,100 an Ounce, Yet Another New Benchmark

By Rob Bates | April 01, 2025

Gold’s remarkable run continued this week as the spot price hit $3,100 an ounce on March 31, securing a new foothold over $3,000.

Bullion reached this benchmark less than three weeks after it crossed $3,000 an ounce for the first time. Overall, the price of gold has risen nearly 19% in the first three months of 2025, its best quarter since the 1980s.

At press time on April 1, gold’s spot price was $3,132 an ounce.

A CNBC anchor cited “Trump, trade, and tariffs” as the source of gold’s ongoing strength.

Max Layton, global head of commodities at Citi, told the business news channel he expects further increases, with $3,500 possibly coming soon “if we’re in a more of a concerning U.S. growth environment.

“President Trump and his team have mentioned some pretty high tariff figures, on April 2, ‘Liberation Day,’ as President Trump is calling it,” Layton said. “These kinds of tariffs, if delivered—even if half of them are delivered—are going to be concerning from a global growth perspective, but also from a U.S. growth perspective over the next three to six months…. We think that will take [gold] that next leg higher over the next quarter or two.”

Some analysts are even boosting their predictions to previously unimagined levels. Two Goldman Sachs strategists recently wrote that under their most bullish scenarios, gold could top $4,000—and maybe even hit $4,200—by the end of the year.

In addition to the uncertainty caused by the looming trade war, market watchers noted that the gold price has been boosted by continual buying from China’s central bank, which has been seeking to diversify its assets.

(Photo: Getty Images)