On Wednesday (April 16), around 16:00, Beijing time, just entered the pre-market period of US stocks. The spot gold price rose above US$3,300 per ounce and reached an intraday high of US$3,317.82 per ounce at around 16:18.

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Spot gold price daily chart

This is also the third time that spot gold prices have set a new historical record in the past five trading days. The gold price rose by more than 2% during the day, with a high increase of 2.7% and a cumulative increase of more than 25% since the beginning of the year.

At the same time, the main U.S. gold futures prices rose to $3334.2 per ounce, setting a new high.

Affected by the rise in gold, U.S. gold mining stocks strengthened overall before the market opened, Newman Mining rose 3.1%, Barrick Gold rose more than 3.6%, and Hamoni Gold rose more than 7.6%.

Media analysis said that investors have struggled to establish long-term positions due to the escalating trade war that has sparked concerns about a global recession and that tariffs announced by Washington are unpredictable.

In this environment, gold is regarded as the most popular safe-haven asset. "A variety of factors such as the depreciation of the US dollar and the continued safe haven are good for gold," said Tim Waterer, chief market analyst at KCM Trade.

The day before, U.S. President Trump signed an executive order to investigate the national security risks of the U.S. relying on imports to process key minerals and its derivatives — seen as a prelude to tariffs that may further escalate the trade war.

Nicholas Frappel, global head of institutional markets at ABC Refinery, said that "the increased tariff uncertainty, the stronger U.S. government stance, and tariffs affect goods transported through third-party countries, which may damage global supply chains", all supporting gold prices.

"As long as there is uncertainty, gold will continue to strengthen," said Brian Lan, managing director of Singapore-based trader GoldSilver Central.

Traders also bet that the Fed will cut interest rates at least three times this year, and monetary easing will generally be beneficial to precious metals.

ANZ believes that safe-haven purchases of gold have not yet entered an accelerated state. The bank raised its year-end gold price forecast to $3,600 per ounce and raised its six-month gold price forecast to $3,500 per ounce.

Last Friday, Goldman Sachs analysts expected gold prices to rise to $3,700 per ounce by the end of this year and hit $4,000 per ounce by mid-2026.

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