By Ryan Dezember
Gold price have risen from Wednesday's record close, propelled by fears that Trump's tariffs will continue to hammer stocks and expectations that central banks will continue to hoard the precious metal. Gold futures for April delivery settled Wednesday at $3,139.90 a troy ounce, the latest notch in their 19% climb this year.
Wall Street banks at the start of the year forecast prices to rise to $3,000 following last year's 27% gain. Now they are tearing up their gold outlooks and penciling in new targets, such as Bank of America's recent revision up to $3,400.
With major U.S. stock indexes tumbling from a record high, gold bugs are proliferating, hoping to preserve wealth with the precious metal. They are gobbling up gold bars from Costco and pumping money into exchange-traded funds that hold gold.
Even if interest wanes in gold as a haven, analysts and traders expect central banks to keep stockpiling it. Western sanctions on Russia after its 2022 invasion of Ukraine prompted some central banks to move away from dollar-based assets and keep more of their reserves at hand and in an asset, gold, that is beyond the reach of foreigners.
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(END) Dow Jones Newswires
April 02, 2025 20:33 ET (00:33 GMT)
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