Gold hits record high, breaking past the $3,000 mark

$3,000

Gold surged to a record high this morning, breaking past $3,000 an ounce for the first time. Following a 27% surge in 2024, gold prices are up 14% this year as investors have sought a safe-haven asset amid a tariff-induced stock market slide, which has seen the SPDR S&P 500 Trust slip into correction territory. Per Bloomberg, central banks have contributed to the rally, having ramped up gold purchases.

Gold has a track record of holding — or even gaining — value during economic turmoil. It crossed $2,000 during the pandemic and $1,000 during the 2008 financial crisis. Last month, Goldman Sachs raised its year-end gold forecast to $3,100, reversing its earlier prediction that the precious metal wouldn’t hit $3,000 in 2025.

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