Gold prices hit a new record high!

Since 2024, the international gold price has been rising all the way. In 2025, the gold price also continued this extremely strong rise.

On February 24, the international gold price once again hit a record high at closing. On the same day, the most active April 2025 gold futures price in the New York Mercantile Exchange gold futures market rose significantly, closing at US$2,963.2 per ounce, an increase of 0.34%.

The rise in market risk aversion is an important factor driving the rise in gold prices. On the same day, US President Trump’s statement on imposing tariffs on Mexico and Canada pushed up investors’ demand for safe-haven assets. At a time when the global economic and geopolitical situation is complex and changeable, investors generally regard gold as a safe-haven asset and have increased their investment in gold, prompting strong demand in the gold market.

In addition, the weakening of the US dollar has also supported the rise in gold prices to a certain extent. The latest U.S. Dallas Fed Business Activity Index for February, released on the same day, fell into the contraction range, reflecting the weakness of U.S. manufacturing and business activities, which frustrated the market’s confidence in the U.S. economic outlook and affected the decline of the U.S. dollar. On February 24, the U.S. dollar index, which measures the U.S. dollar against six major currencies, opened lower and even fell to a two-and-a-half-month low during the session, hovering around 106. It is reported that the U.S. dollar and gold prices are usually inversely related. The weakening of the U.S. dollar makes gold denominated in U.S. dollars cheaper for holders of other currencies, thereby attracting more investors to buy gold and providing support for the rise in gold prices.

Looking ahead to the market, many analysis agencies generally believe that gold prices will continue to rise in the coming weeks, months or even longer. Citibank’s latest forecast is that the international gold price will reach $3,000/ounce in the next three months, and raised the average gold target price this year to $2,900/ounce.

Previously, Citibank expected that the international gold price would not climb to $3,000/ounce until the end of 2025. Goldman Sachs Group holds a similar view, believing that as long as market uncertainty continues and investors’ risk aversion demand increases, gold prices are likely to continue to rise, and last week raised its forecast for international gold prices in 2025. Goldman Sachs raised its gold target price by the end of 2025 from $2,890 per ounce to $3,100 per ounce.