Gold prices soared! A record high

On January 30, the international gold price rose sharply. As of 10:00 on January 31, spot gold rose to a record high of $2,799.86 per ounce; COMEX gold futures rose to a record high of $2,859.5 per ounce.

Analysts believe that the Trump administration’s imposition of tariffs on major trading partners may trigger trade frictions, coupled with the uncertainty brought about by global geopolitical conflicts, these factors have made some investors continue to be optimistic about the safe-haven properties and upside of gold.

At the same time, with the arrival of the Chinese New Year, people are keen to add gold during the New Year, and the gold consumption market has entered the traditional peak season.

Will gold prices continue to rise in the future?

In its latest report, “Gold Outlook 2025”, the World Gold Council said that in 2025, gold prices are expected to achieve their best annual performance in nearly 10 years. After the strong rise in recent years, the growth of the gold market in 2025 may slow down, but there is still some room for upward movement.

As for the future of gold, economists said that geopolitical conflicts such as the Middle East and Russia and Ukraine may become more unstable in 2025, which is conducive to the upward trend of gold prices. It is expected that the price of COMEX gold futures will be $3,175/ounce in mid-2025, and the annual price range will be between $3,000/ounce and $3,250/ounce.

The research report pointed out that looking forward to 2025, the price of gold may still be in the bull market channel, and it may be expected to break through $3,000/ounce in 2025. The RMB gold price may achieve a greater increase than the US dollar gold price.

There are two main driving forces. First, Trump will take office as the new US president, and his policy platform is highly inflationary. At the same time, even if the Federal Reserve turns hawkish, under the policy orientation of encouraging the reconstruction of the US supply chain, the probability of blindly raising interest rates to stifle inflation is also small. The US real interest rate, which is currently at a historical high, is expected to fall back, which is beneficial to the upward trend of gold prices.

Second, the trend of deglobalization will further deepen, and the trend of global central banks buying gold will continue.