Gold prices (PM:XAUUSD) have soared above $3,120 per ounce on Monday morning, fuelled by concerns about the potential economic fallout of U.S. President Trump’s tariff war together with geopolitical worries. A fresh wave of investments into the safe-haven of the gold market has boosted the price .

The spot gold price hit its all-time high of $3,128.06 earlier this morning. This continues its upward trend, which has seen multiple record highs. The price has risen 18% so far this year, as investors take advantage of its reputation as a hedge against economic and geopolitical turbulence.

In early March, it breached the $3,000 per ounce level, a psychological milestone that prompted multiple banks to increase their price forecasts for gold this year.

Analysts at OCBC said, “For now, gold’s appeal as a safe haven and inflation hedge has further strengthened in light of these geopolitical concerns and tariff uncertainty. We remain constructive on the outlook of gold amid ongoing global trade friction and uncertainty.” As well as growing acceptance that there will be an economic slowdown thanks to Trump’s tariffs, the gold price has been driven up by anticipation of interest rate cuts from the Federal Reserve.

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