Gold hits all-time high in Dubai: Will yellow metal touch $3,400? Price forecast hiked
Analysts raised gold price targets saying precious metal has crossed $3,100 an ounce, and expect the precious metal to touch $3,400. After the yellow metal reached $3,000 in mid-March, analysts had previously predicted that gold would be breaking the $3,200 mark in the short term.
Some large investment banks then upgraded their gold price targets for the end of 2025, following its breakout above $3,100. Currently, Goldman Sachs issues a target of $3,300 per ounce for gold, whereas Citi, in the short term, expects gold to revisit $3,200/oz.
On the other hand, analysts warned that an overbought market could be ready for a correction. Gold keeps gaining ground into unprecedented territories, said Alex Kuptsikevich, chief market analyst at the FxPro.
Gold bulls-eye golden goal $3,400 an ounce That would appear to be the bulls target over the coming months. Nonetheless, what we should not forget is that the ongoing gold rally continues to build extreme overbought levels on the daily and weekly timeframes, Alex Kuptsikevich, chief market analyst at the FxPro said.
DUBAI: Gold prices in Dubai set a record on Tuesday with 22K crossing Dh250 per gram for the first time ever. DUBAI: The latest data by Dubai Jewellery Group has prices of 24K trading at Dh379 per gram and 22K at Dh350. 75, 21K at Dh336. 5 and 18K at Dh288. 25. In three months of 2025, gold has gained around Dh62 per gram.
Gold on the international market traded at $3,145.51 per ounce, up 1.43 per cent on Tuesday morning as the yellow metal hit an all-time high fueled by tariff uncertainties from the US.
Gold has advanced as much as 20 percent just in Q1 2025, marking the ugliest quarterly gain in nearly Four decades as a defensive asset in opposition to risk.
Gold prices are “journeying north with minor pause,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
Market analyst Linh Tran at xs. Gold is supported by perfect environment, US government tarriff measures, global geopolitical instability, Fed interest rate cut expectation, global central banks record level demand, aceptcom said.
All of which are supporting a powerful tailwind, propelling prices higher well into the first quarter, they are all underlying dynamics bolstering the case for gold as a safe-haven destination for capital. Sharma added: "Volatility in financial markets, particularly risk aversion to uncertainties, "has led to gold being a preferred option."
According to Tran, geopolitical risks are another important catalyst for the gold rally. Demand for defensive assets remains high, however, thanks to … — Geopolitical tension in the Middle East; inter-European conflict; regional instability elsewhere [such as in the Russia-Belarus-Ukraine sphere].” Here gold is more than just a hedge for wealth retention, it is a political and economic hedge as well.”
What is also providing a major boost to gold prices are purchases by central banks. Massive countries like China, India and other are still adding golds to their reserves while prices are stable and heading upward as recent reports suggest.
Lastly, there are the tariff actions that will be taken by the administration of President Donald Trump. These actions heighten uncertainty regarding financial markets and push investors to search for safe-haven assets and options, such as gold. Nevertheless, data on tariffs has been partly laid down in the price of gold in the past week. Should President Trump postpone the implementation of these policies, gold may face a short term correction in line with the other markets as traders book profits following the recent rise.
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