Gold climbed further, trading above $2,780 per ounce and edging closer to its October record high of $2,790.15. The rally has been supported by President Trump’s public calls for immediate interest rate cuts and his softened tone on trade tariffs with China, factors that have heightened investor demand for the metal as a safe haven.
This marks gold’s fourth consecutive weekly advance, a move reinforced by a weaker dollar that recently hit a one-month low. A softer dollar typically improves gold’s appeal for buyers using other currencies, helping to boost global demand. At the World Economic Forum, comments about monetary policy and trade policy increased perceptions of economic uncertainty, which often translate into stronger inflows into bullion.
Market observers point to a broadly constructive outlook across precious metals. Independent analyst Ross Norman has projected gold could reach $3,175 by 2025, reflecting expectations of continued monetary easing and persistent geopolitical uncertainty. Silver, palladium and platinum have also shown positive momentum and are set to post weekly gains as investors diversify exposure across the sector.
Upcoming catalysts may further shape price trajectories. The Federal Reserve’s next policy meeting will be closely watched for guidance on interest rates and any shift in monetary stance. Meanwhile, potential new sanctions on Russia remain a key geopolitical risk, particularly for palladium, where Russia plays a major role in global supply. Any disruption to Russian exports could tighten physical markets and lift prices for palladium specifically.
