Gold prices soar amid dollar weakness and trade tensions
The rally in gold prices seems to have no end. Earlier forecasts that an ounce of gold would reach a value of $3,400 (4,700 CAD) by the end of the year may come true any day now. Mike Zaccardi, a financial markets analyst, pointed out another record-breaking aspect related to this precious metal.
Gold prices hit a new record level on Monday, surpassing $3,385 (4,685 CAD) per ounce. The prolonged increase coincides with the weakening of the dollar, which has fallen to its lowest level since early 2024.
Another record for gold
Earlier forecasts that gold would reach the level of $3,400 (4,700 CAD) per ounce by the end of this year are becoming today's reality. Now analysts from Goldman Sachs predict that the price of gold in the middle of 2026 could reach $4,000 (5,536 CAD) per ounce.
Financial markets analyst Mike Zaccardi pointed out another significant aspect regarding gold. "Gold up another $67, just shy of $3,400 per ounce," he explained. "29.4 percent year-over-year increase, the best start since 1974."
The precious metal is reaching new highs because the weakness of the U.S. dollar, combined with U.S. President Donald Trump's criticism of the Federal Reserve and ongoing investor concerns about an escalating trade war, has boosted demand for safe investments in the markets.
