In North American trading, gold prices climbed to all-time highs of $2,956 per ounce, while the U.S. dollar fell and Treasury yields declined. The market is in the middle of one of gold’s longest bullish streaks, with prices up for eight weeks. Investors have confidence in gold as gold-backed ETFs have seen the most net inflows since 2022, as this rally has continued to be supported by substantial flows into gold.

Hope for the future trajectory of gold price has grown among market analysts and investors. Gold bulls are pushing the yellow metal in a bull market as long as uncertainties remain. Geopolitical tensions and policy uncertainties continue to make the economic landscape attractive for gold since, in times of turmoil, people want gold as a safe haven.

U.S. President Donald Trump suggested an imposition of fresh tariffs last week, which is normally interpreted as inflationary, which would ambiguously tend to escalate trade tensions. These policies make gold more attractive since investors want to go towards safer assets with less volatility due to the trade war while prices would rise and the economy go down due to banking and interest rates. Goldman Sachs Group Inc., which recently boosted its year-end gold price projection to $3,100, also pointed to central-bank buying and growth of ETFs as key drivers for the rally, echoing this sentiment.

The U.S. dollar lost ground early Monday, before managing to claw back some of its losses. That initial decline followed on Friday mosaic references of an evident cool down in U.S. business activity and tumbling consumer certainty, in tandem with developing expansionary desires. Such conditions create a challenging environment for monetary policy and economic forecasting, reinforcing gold as a desired asset class for investors.

Market attention is sharpening, with gold remaining well above the $2,950 and almost the $3,000 mark—more than 12% up in 2025 alone. Investors focused on U.S. Personal Consumption Expenditures — the Fed’s favourite inflation gauge — due out this Friday Most economists in a recent Reuters poll have said they believe the Fed will not lower rates until next quarter, but any changes in economic data, where they have shifted rapidly during 2022, could change that again.

Gold continues to act as a bellwether for the both investor sentiment and economic stability as the market searches for direction amidst the recent turmoil. The future movements of gold prices will more likely be determined by the developments surrounding U.S. economic policy while the geopolitical landscape around the world also remains tense.