Gold reaches a new record high, set for strong weekly, monthly, and quarterly gains

Gold surged to a new record high of $3,086 in early Friday trading, extending Thursday’s 1.2% rally.

The metal is on track for its fourth consecutive weekly gain and a third straight bullish monthly close, up over 7% in March and 17% in the first quarter of 2025.

Safe-haven demand continues to drive gold higher, fueled by economic and geopolitical uncertainty, expectations of further rate cuts, and increased physical buying.

The latest U.S. reciprocal trade tariffs have intensified fears of a trade war escalation, which could significantly impact the global economy and push investors further toward safety.

Short-term momentum remains strongly bullish, with no immediate signs of stabilization in key risk areas. The swift break above the $3,000 milestone—despite its psychological significance—has paved the way for a rapid ascent toward the next major resistance at $3,100.

Some profit-taking may emerge ahead of the weekend and month-end, but gold’s fundamental drivers remain intact, suggesting any pullbacks will likely be shallow.

Technically, the daily chart remains firmly bullish, though overbought conditions hint at a potential pause. Immediate support lies at the previous high of $3,057, followed by the rising 10-day moving average at $3,033, while the key $3,000 level now acts as a strong floor.

Res: 3086; 3093; 3100; 3112
Sup: 3057; 3033; 3012; 3000