Gold prices surge 18% YTD, cross $3,100 mark for first time in history

Gold price today: Gold prices remained on a bullish run on Friday, March 28, as the yellow metal gained around half a per cent in the early trades of the local futures market because of rising fears of economic damage from US President Donald Trump's sharp tariff moves. MCX Gold April 4 contracts were 0.54 per cent up at Rs 88,865 per 10 grams at around 9:30 AM.

Spot gold reached a new record

Global gold prices reached a historic high on Friday because of increased demand for haven assets. Plans by Trump for tariffs have evoked the possibility of a major global trade war. Spot gold reached a new record of $3,077.44 for the session, according to Reuters.

Gold blasting off: price spikes to a new all time high above $3,070, up 18% YTD, and there is just no stopping the relentless daily demand for physical gold and silver pic.twitter.com/bukNQOP4mr

— zerohedge (@zerohedge) March 28, 2025

Additional cuts in interest rates

Gold prices have recorded solid gains of more than 15 per cent year to date on the back of uncertainty over Trump tariffs, prospects of additional cuts in interest rates by the US Federal Reserve, geopolitical tensions, and central bank purchases.

BREAKING: Gold prices cross above $3,100 for the first time in history as economic uncertainty rises. pic.twitter.com/IxQXOVkUVk

— The Kobeissi Letter (@KobeissiLetter) March 27, 2025

The factors are said to keep the price of gold at high levels in the future.