Gold broke through the $3,000 mark for the first time on Friday as investors rushed to the safe-haven asset, seeking protection from economic uncertainty triggered by US President Donald Trump’s tariff war. Spot gold hit a record high of $3,004.86 before easing 0.1% to $2,986.26. The metal has surged nearly 14% this year, driven by trade tensions, stock market selloffs, and rising central bank demand.China expanded its bullion reserves for a fourth consecutive month in February, while India’s RBI added roughly 3 tonnes, bringing its total holdings to 879 tonnes as of January 31, 2025. Goldman Sachs warned of upside risk to its $3,100 end-2025 base case and $3,100-$3,300 forecast range, citing continued US policy uncertainty as a key factor supporting investor demand.
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