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Gold price: "Amid geopolitical uncertainty and tariff wars, the next target for gold is $3200"

Journalist: Riz Malik

ended 18. March 2025

With gold hitting a new all-time high this morning, Newspage asked investment experts for their views. One said: “Market uncertainties and geopolitical tensions are key drivers of the yellow metal's ascension through $3,000 per ounce and its new all-time high.” Another added: “Geopolitical factors, such as tensions between the U.S. and China, ongoing conflicts in the Ukraine and Middle East and de-dollarisation efforts by major economies, have further amplified demand for gold." A third commented: “Amid geopolitical uncertainty and tariff wars, the next target for gold is $3200.” More views below.

8 responses from the Newspage community

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Editor
Anita Wright
Chartered Financial Planner at Ribble Wealth Management
Gold reaching a new all-time high is a reflection of multiple converging factors. Central banks, particularly in BRICS nations, have been accumulating gold at record levels while reducing their exposure to U.S. Treasuries. This signals a broader shift away from the U.S. dollar as a global reserve currency. Economic uncertainty, rising global debt and persistent inflation fears have driven investors towards safe-haven assets like gold. The US monetary system is built on excessive debt, which ultimately leads to currency debasement. The more faith is lost in fiat currencies, the stronger the case for gold as a hedge against financial instability. Geopolitical factors, such as tensions between the U.S. and China, ongoing conflicts in the Ukraine and Middle East and de-dollarisation efforts by major economies, have further amplified demand for gold. Predicting the exact peak of gold’s rally is difficult, but its trajectory suggests further upside.
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Prem Raja
Head of Trading Floor at Currencies 4 You
The gold bull market is very much still intact with the yellow metal reaching new highs above $3000 per ounce. As investors are selling off risk assets and looking for a safe haven outside of stocks and the US Dollar due to political uncertainty surrounding tariffs, gold proves to be the most attractive investment. This is something I don’t see changing anytime soon. Amid geopolitical uncertainty and tariff wars, the next target for gold is $3200.
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David Belle
Founder and Trader at Fink Money
Gold at all-time highs has nothing to do with inflation whatsoever, because the 5-year breakeven inflation rate — what the market expects inflation to average over the next 5 years — is flat and no where near elevated. One of the biggest reasons for the gold rally is central bank buying. The PBoC resumed buying in November, after pausing in April last year, most probably to do with Trump tariffs. The pace of this rally and lack of macro backing for it hints to me that this is very much a reserve shift by a major central bank, which has a feedback loop of investors creating a macro reasoning to buy it, such as tariffs. In, fact it's China turning a little defensive — they increased their holdings by about 3m troy ounces from Jan to Feb.
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Harry Mills
Director at Oku Markets
Gold is up more than 14% this year and is looking like making a third straight yearly gain. Market uncertainties and geopolitical tensions are key drivers of the yellow metal's ascension through $3,000 per ounce and its new all-time high. The dollar's decline will have helped gold reach new highs, as the two tend to be inversely correlated – we can thank generally souring investor sentiment, Trump's chaotic trade policies and ongoing Middle East tensions for this.
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Riz Malik
Independent Financial Adviser at R3 Wealth
Trump’s unpredictable economic policies and trade tensions have rattled markets, driving investors towards safe-haven assets like gold. Until sense, stability and a level of certainty returns, we can expect this flight to safety to continue. Given there is nothing to suggest that will happen anytime soon $3250 per ounce may be the next stop.
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Tony Redondo
Founder at Cosmos Currency Exchange
Panic and pragmatism. Trump’s tariff antics have torched global markets, sending investors scrambling for safe havens like gold, now building beyond $3,000 an ounce. Trade war fears are the spark, but central banks hoarding bullion, shaky interest rate outlooks, and simmering tensions from Ukraine to the Middle East are the fuel. Inflation’s ghost lingers too, and tariff costs will only bite harder. I’d wager we’ll see gold at $3,200 soon, but $3,500 hinges on whether Washington doubles down on chaos. Washington’s next move is the wild card—more tariff madness could easily push it that far. Fear’s driving the bus, but the fundamentals are riding shotgun.
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Gabriel McKeown
Political & Economics Writer at Sad Rabbit - Substack Newsletter
As tariff fears continue to escalate, rising geopolitical anxieties have ignited a contemporary gold rush, with investors flocking to this age-old refuge. Gold's allure is undeniable as a safe haven, rocketing past the symbolic $3,000 mark. An upcoming spree of central bank monetary easing is propelling gold on a relentless upward trajectory with seemingly ample room for further gains. This, combined with a world rife with international turmoil and tariff proliferation, could be the spark that pushes gold prices to the $3,100 threshold. Yet, despite the enduring bullish outlook, the rapid climb in gold prices could lead to significant volatility. With a series of unprecedented highs, the gold market risks overheating and may face bouts of profit-taking, so investors should brace for short-term fluctuations as gold reaches new heights. In an era marked by uncertainty, cautious investors are driving the precious metal to unprecedented levels.
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Faisal Sheikh
Managing Director at Monmouth Capital
I've just returned from Istanbul where, on the metro, there are wall-to-wall adverts for gold. It's a unique asset class in almost any way you look at it: thousands of years of history during which it has, uniquely, retained value; appeal across society from central banks to billionaires to ordinary working folk; and something about it that makes humans want to hold it, look at it and keep it safe — just as it makes them feel a bit safer in possessing it. With almost daily policy changes on tariffs and so much else from the White House, it's not surprising gold is in demand as the ultimate safe haven asset. We have held it in most client portfolios for years for this reason.