Gold hits another all-time high as safe-haven buying continues
NEW YORK (March 31) Gold prices are solidly up and hit more record highs Monday. June Comex gold futures notching a new all-time high of $3,162.00 an ounce. Sustained safe-haven demand is propelling the yellow metal still higher, with no significant chart clues that a market top is close at hand. June gold was last up $32.70 at $3,147.00. May silver prices were last down $0.264 at $34.545.
Risk aversion is elevated on this last trading day of the month and of the quarter. However, the U.S. stock indexes have moved well off their daily lows, which hit multi-month lows early on. There are widespread worries about global economic growth as more U.S. trade tariffs are set to go into effect on Wednesday, April 2. Reads a Barrons headline today: “Trump tariffs are a nightmare for stock markets.”
Reports said Goldman Sachs is forecasting gold prices could briefly spike to $4,500 this year.
The key outside markets today see the U.S. dollar index higher. Nymex crude oil futures prices are solidly up and trading around $71.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently 4.23%.
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