Spot Gold Prices Register New Record Level, Futures Cross $3,100

Gold continued its seemingly never-ending uphill run, reaching record levels once again. Spot prices for a fine troy ounce of gold touched $3,086.70 before stabilizing at a lower number, while futures passed the $3,100 mark pushed by hotter-than-expected U.S. inflation numbers.

Gold Prices Climb Even Further, Inflation Moves Commodities

Gold has regained its position as the standard hedge for international investment markets. On March 28, the precious metal registered a new all-time high in price, as investors kept purchasing gold to protect themselves from inflation, macro instability, and turmoil.

A troy ounce of fine spot gold reached $3,086.70, soaring to record highs once again, while futures settled at a price higher than the $3,100 mark.

Analysts discussed that the inflation numbers released, which were just a little hotter than expected, might have helped to create the perfect storm to keep gold reaching new heights. Nonetheless, most still accrue this never-ending bull run to the fundamentals, becoming a counterparty-free, controlled-risk hedge against all kinds of market instability.

Peter Grant, vice president and senior metals strategist at Zaner Metals, continues to believe that the fundamentals of gold are the ones moving the market. “It continues to be the safe-haven demand on ramped-up concerns about tariffs, trade, and ongoing geopolitical uncertainty as well,” he told Reuters.

Economist James Rickards remarked that the reasons for this run were still the same. “Drivers: Central bank buying, BRICS accumulation, flat mining output, flight to (non-Treasury note) quality, diversification, and its role as the ‘everything hedge,'” he pointed out.

Rickards mentioned another variable that still has to appear for the bull run to go parabolic: higher participation of retail investors, who are still sitting on the fence and waiting for gold.

On March 19, gold also touched all-time highs, with a spot price of $3,057 per troy ounce. The precious metal has scored its 18th record this year, and many still believe that it could reach even higher, depending on the actions taken by the Trump Administration regarding tariffs and the different international military conflicts.

Read more: Gold Blows the Lid Again, Spot Reaches Over $3,050 as Markets Anticipate Turmoil