Gold’s price is at an all-time high and trading above $3,000 an ounce for the very first time.
The spot price of gold was up nearly 2% on the evening of March 13 and at $3,001.30 an ounce. This marks gold’s 12th record high so far in 2025. Analysts and traders had been eagerly waiting for gold to breach the key milestone of $3,000 per ounce. The continued gains come as investors seek safe havens as stocks and cryptocurrencies sell of sharply driven by trade tariffs and signs of a U.S. economic slowdown.
The price of gold is up nearly 11% so far this year after rising 27% in 2024. Also propelling the price of bullion higher has been increased buying on the part of central banks around the world, which tend to increase their holdings of the precious metal during periods of geopolitical turmoil and uncertainty. The People’s Bank of China has been particularly aggressive in buying gold in recent months.
Port in a Storm
Gold’s price is also gaining ground on growing fears that the U.S. economy might be headed for a recession. U.S. Commerce Secretary Howard Lutnick recently said that a recession would be “worth it” to get U.S. President Donald Trump’s economic policies in place, comments that sent stock prices lower and gold’s price higher.
The SPDR Gold Trust (GLD), the world’s largest gold-backed exchange-traded fund (ETF), said its holdings of bullion rose to 907.82 metric tons in February, the highest level since 2023. The next catalyst for gold will likely occur March 19 when the U.S. Federal Reserve makes a decision on interest rates. The central bank is expected to keep its benchmark overnight interest rate in a range of 4.25%-4.50%.
Is the GLD ETF a Buy?
Most Wall Street analysts don’t offer ratings or price targets on the SPDR Gold Trust, so we’ll look at the ETFs three-month performance instead. As one can see in the chart below, the GLD ETF has risen 10% in the last 12 weeks.
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