Australia shipped a record amount of gold to the US in January, as fears over potential tariffs saw traders rush to deliver metal into New York warehouses in order to capitalize on extreme price dislocations between key markets.
Goldman Sachs Group Inc. raised its year-end gold target to $3,100 an ounce on central-bank buying and inflows into bullion-backed exchange-traded funds, highlighting Wall Street’s enthusiasm for the metal.
Gold rose to a new all-time high after US President Donald Trump said he would announce tariffs on steel and aluminum imports Monday, adding to increasing uncertainty in global financial markets.
Gold hit another record, with investors flocking to safe havens after US President Donald Trump reiterated threats to impose tariffs on Mexico and Canada.
China’s central bank expanded its gold reserves for a second month in December, signaling renewed appetite after temporarily pausing purchases last year as prices soared.
Gold fell for a second day as comments from Federal Reserve officials over the weekend reinforced the view the US central bank will take a more cautious approach to cutting rates in 2025.
Goldman Sachs Group Inc. said it no longer sees gold reaching $3,000 an ounce by the end of the year, pushing the forecast to mid-2026 on expectations the Federal Reserve will make fewer rate cuts.