Gold prices have reached a historic high, surpassing $3100 per ounce for the first time, driven by a fresh wave of investments in safe-haven assets due to concerns over U.S. tariffs, potential economic slowdown, and geopolitical uncertainties.

In spot trading, gold was recorded at $3106.50 per ounce.

This marks a significant increase in gold prices, which have risen over 18% since the beginning of the year.

This rise underscores gold's role as a hedge against economic and geopolitical disturbances.

Earlier this month, gold was noted to have exceeded $3000 per ounce, a noteworthy achievement reflecting escalating concerns regarding economic instability, geopolitical tensions, and inflation.

The recent surge in gold prices has prompted several banks to revise their gold price forecasts for the year.

Analysts at a prominent financial institution have commented on the growing appeal of gold as a safe-haven investment amidst the geopolitical concerns and the uncertainties surrounding tariffs.

They remain optimistic about gold's outlook given the ongoing global trade disputes and market volatility.

Goldman Sachs, Bank of America, and UBS have all increased their price targets for gold this month.

Goldman Sachs has projected that gold could rise to $3300 per ounce by the end of the year, an increase from its previous estimate of $3100. Bank of America forecasts that gold will trade at $3063 per ounce in 2025 and $3350 per ounce in 2026, up from earlier predictions of $2750 and $2625 for the same years, respectively.

Since taking office, U.S. President Donald Trump has proposed a series of new tariffs aimed at protecting American industries and reducing the trade deficit.

These measures include a 25% tariff on imported cars and car parts, as well as an additional 10% tariff on all imports from China.

A new round of counter-tariffs is expected to be announced on April 2.