Gold prices continue their impressive rally this morning, trading at $3022.70 per ounce as of 6:57 AM GMT, after reaching a new record high during early Asian trading hours.Gold has surged to unprecedented levels, surpassing the key $3,000 threshold for the second time in a week as investors seek safe-haven assets amid escalating economic uncertainties.
The precious metal has posted gains of approximately 0.56% today, with an increase of $16.70 from yesterdays close.Key Market Data:Current Price: $3022.70Day Range: $3008.20 $3025.70Year High: $3025.70 (achieved today)Year Low: $2150.9050-Day Average: $2843.36Volume: 34,315 (significantly higher than average volume of 4,140)Gold Shatters $3,000 Ceiling: Trump Tariffs Fuel Record-Breaking Rally Marh 18, 2025.
(Photo Internet reproduction)Overnight Market ActivityGold demonstrated resilience overnight, fluctuating within a tight range between $3019.40 and $3025.00.
Asian markets continued the positive momentum from yesterdays US session, with particularly strong buying interest seen during the Tokyo trading hours.The precious metal opened at $3009.40 today, already showing strength from yesterdays close of $3006.10.
By 02:11 AM GMT, gold reached $3025.00 before slightly pulling back to current levels.Previous Days PerformanceMondays session (March 17) saw a temporary pullback in gold prices due to reduced demand from retailers and jewelers.
This minor correction followed Fridays breakthrough of the $3,000 mark.
The surge had been driven by US recession fears, Chinese central bank gold purchases, and ongoing geopolitical tensions.Global Gold MarketsLondon: The London Metal Exchange continues to set the benchmark for global gold prices through its over-the-counter markets, where significant early morning buying was reported today.New York:COMEX futures, now trading in the overnight electronic session, are pointing higher, with April contracts reaching new all-time highs.
The New York market is expected to show increased volatility when it fully opens later today.Shanghai: The Shanghai Gold Exchange reported increased physical delivery demand.
Premium rates for physical gold are rising as Chinese investors seek protection against currency fluctuations.Other Markets: Tokyos TOCOM showed strong buying interest during its session, while Dubais DGCX is experiencing higher-than-average volumes as Middle Eastern investors increase their gold exposure.Driving FactorsThe primary catalyst for golds surge remains the economic uncertainty fueled by U.S.
President Donald Trumps tariff policies.
Since Trumps January inauguration, gold has reached record highs 14 separate times as investors hedge against potential trade disruptions.UBS analysts noted in their recent report that prices have now achieved their previously set target of $3,000 per ounce.
They highlighted the critical question of whether this upward trend will persist.They added, We believe it will, as long as the risks associated with policy and the intensifying trade dispute continue to drive safe-haven interest.
The investment bank has revised its gold price forecast upward to $3,200 per ounce across all maturities, up from their previous $3,000 target.Trumps proposed tariff package continues to increase market anxiety.
It includes the already-implemented 25% levy on steel and aluminum from February, along with additional reciprocal and sector-specific tariffs scheduled for April 2.Technical AnalysisThe technical picture remains strongly bullish.
Gold is trading within a well-defined upward channel, with moving averages confirming the short-term bullish trend.
Todays price action has already broken through the significant $3005 resistance level, which analysts had identified as a trigger point for accelerated growth.Support levels are established around $2965, with a deeper support at $2945, a break below which would signal a potential trend reversal.
The immediate resistance now stands at $3055, which becomes the next target for bulls if the current momentum continues.The relative strength indicator remains in bullish territory.
However, it is approaching overbought conditions, suggesting the possibility of a short-term correction before the next leg higher.Golds impressive 14% gain year-to-date reflects the markets continued confidence in the metal.
It remains both an inflation hedge and a safe-haven asset in an increasingly uncertain global economic landscape.