The post Gold Hits Record Above $2,900, Analysts Forecast $3,000 Soon appeared on BitcoinEthereumNews.com.

Gold has set a new all-time high, reaching the $2,900 level for the first time in history. The gold price reached as high as $2,910 on the spot market, and as high as $2,936 on the futures market. The price of the most common gold bar type, the 1-kilo gold bar, is currently $93,273. Trade Gold on PrimeXBT Gold, which has been on an extended rally (up 43.3% in the last year), has received an additional boost recently due to Donald Trump’s tariffs.  Today’s move to $2,900 is likely a direct result of Trump announcing tariffs on all steel and aluminum entering the United States. Trump has also announced reciprocal tariffs on any country that imposes tariffs on U.S. exports. The escalating trade tensions have increased market uncertainty, with investors turning to gold as a safe haven. President Trump says he’ll announce on Monday that the United States will impose 25% tariffs on all steel and aluminium imports, including from Canada and Mexico. pic.twitter.com/SSlB9NP5RT — Newsweek (@Newsweek) February 10, 2025 In addition to Trump’s tariffs, another bullish factor for gold has been continued gold purchases from the the PBOC, China’s central bank. The bank has been increasing its gold reserves for three consecutive months. Is $3,000 per ounce imminent? Analysts at Citi have recently revised their near-term gold price target, and are currently forecasting gold to hit the $3,000 mark within a three-month timeframe. Interestingly enough, the analysts’ 6-12 month forecast is also at $3,000. Meanwhile, the algorithmic gold price forecast on CoinCodex is significantly more bullish, as it expects gold to continue its powerful rally throughout the entirety of 2025 and reach as high as $3,941. Investors looking to protect their wealth against market instability have also started considering Bitcoin in addition to gold. According to Michael Sonnenfeldt, the…

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Filed under: News - @ February 10, 2025 6:18 pm