Gold hits $3,086 record as futures cross $3,100

Gold prices surged to new heights on March 28, with spot gold reaching $3,086.70 per troy ounce and futures breaching the $3,100 threshold.

The rally follows hotter-than-expected U.S. inflation data and persistent geopolitical uncertainty.

Analysts attribute the gains to gold’s role as a hedge against macroeconomic instability, including trade tensions and inflation risks.

Peter Grant, senior metals strategist at Zaner Metals, emphasised that “safe-haven demand on ramped-up concerns about tariffs, trade, and ongoing geopolitical uncertainty” remains a key driver.

Economist James Rickards cited additional factors, including central bank buying, BRICS nations’ accumulation, stagnant mining output, and gold’s appeal as a “non-Treasury note quality” asset.

He noted that retail investor participation remains limited, suggesting further upside potential if more buyers enter the market.

Gold’s bull run has delivered 18 record highs this year, with prices buoyed by concerns over the Trump Administration’s tariff policies and international conflicts.

While inflation data provided a near-term catalyst, analysts stress that structural fundamentals—such as constrained supply and diversification demand—are sustaining the rally.

The metal’s performance reflects its enduring status as a counterparty-free hedge against market volatility.

As geopolitical risks persist and inflation pressures linger, gold’s trajectory remains closely tied to macroeconomic developments.