Gold Passes $3,300, Second Milestone in a Week

By Rob Bates | April 16, 2025

$3,500, here we come.

The spot price hit $3,300 an ounce on Wednesday, less than a week after the yellow metal passed the $3,200 mark for the first time.

At press time, bullion’s spot price was $3,312 an ounce.

Analysts said the current turmoil caused by worldwide tariffs was fueling the yellow metal’s incredible bull run, as investors fled the volatile stock market and moved toward steadier assets.

“Gold’s been on a wild ride, performing as expected and we don’t think it’s over yet,” Joseph Cavatoni, the World Gold Council’s senior strategist for the Americas, wrote on LinkedIn. “With tariffs, market volatility, and broader economic uncertainty all in play, gold continues to demonstrate its role as a strategic safe-haven asset.”

Ole Hansen, head of commodity strategy at Saxo Bank, is one of very few analysts predicting gold’s incredible climb may end soon.

“The rally has become a bit unhinged, leaving it at risk of corrections,” he told Reuters. “However we have for more than a year now seen corrections to be shallow, with underlying bids waiting on any setbacks.”

On the other hand, Goldman Sachs is now predicting that, should the worst recession and trade war fears come true, gold could even hit $4,500 by year’s end—which would be an incredible 71% return over 2025.

So far, though, the gold price has jumped a comparatively modest 22% since the beginning of the year.

Photo: Getty Images