Core Viewpoint - The article discusses the recent surge in gold prices driven by geopolitical tensions and renewed tariff concerns, with expectations for gold to potentially reach $3500 or higher in the near future [1][3][8]. Geopolitical and Economic Factors - The escalation of geopolitical tensions in the Middle East and the Russia-Ukraine conflict has increased demand for gold as a safe-haven asset [3][5]. - Concerns over tariffs, particularly the potential increase in import duties on steel and aluminum by the Trump administration, have also contributed to the bullish sentiment in gold [3][5]. - Weak economic data from the U.S. has further supported gold prices, with expectations of interest rate cuts in the next 12 to 18 months [3][5]. Technical Analysis - Gold prices opened at $3298.53 per ounce, reaching a high of $3382.87 and closing at $3381.49, marking a daily increase of $89.56 or 2.72% [1]. - The recent breakout above the downward trendline has shifted the resistance into support, indicating a bullish outlook for gold [1][11]. - The monthly chart shows that gold has maintained its bullish trend despite recent volatility, with support from the 5-month moving average [9][10]. Market Sentiment and Future Outlook - The market sentiment remains bullish for gold, with expectations of continued high-level adjustments or further increases in price over the next one to two years [8][12]. - The article suggests that any pullbacks in gold prices should be viewed as buying opportunities, given the overall bullish trend and geopolitical uncertainties [5][11].

Core Viewpoint - The article highlights the rising global risk aversion leading to a continuous increase in gold prices, with significant geopolitical tensions and trade policy uncertainties driving this trend [1][3][8]. Group 1: Gold Price Trends - As of March 31, the spot gold price reached a record high of $3120 per ounce, marking an increase of 1.1% on that day, while COMEX gold futures surpassed $3140 per ounce, also setting a new historical peak [3]. - Year-to-date, both spot gold and COMEX gold futures have seen an increase of over 18%, significantly outperforming major global stock indices [3]. Group 2: Geopolitical Influences - Recent statements from U.S. President Trump regarding threats to Russia and Iran have intensified market risk aversion, contributing to the surge in gold prices [3][4]. - Trump's comments included potential secondary tariffs on Russian oil and military threats against Iran, which have heightened geopolitical tensions [3]. Group 3: Economic Indicators and Market Reactions - The core PCE inflation rate for February rose by 2.8% year-on-year and 0.4% month-on-month, exceeding expectations, which has led to increased concerns about inflation and potential stagflation [4]. - Anticipation of upcoming tariffs and economic reports has caused global stock markets to decline, with fund managers reducing portfolio risks in response to the uncertain economic outlook [6][7]. Group 4: Future Outlook - Analysts expect that the combination of rising inflation and geopolitical tensions will maintain upward pressure on gold prices in the medium to long term [4][8]. - The potential for retaliatory measures from U.S. trade partners could further exacerbate market volatility, reinforcing the demand for safe-haven assets like gold [8].