During the New York session on Friday, April 11, spot gold continued its recent strong performance, reaching a daily high of $3,245.47 per ounce, marking the second consecutive day of setting a new historical record.
Spot Gold Price Daily Chart
As of press time, spot gold prices have pulled back slightly, currently trading at $3,238 per ounce, with a cumulative increase of over 23% since the beginning of the year. Spot silver rose more than 3% to $32.25 per ounce, with a year-to-date increase of 11%.
During the day, the main futures contract for gold on the New York Mercantile Exchange also showed significant strength, reaching a high of $3,263 per ounce, surpassing the previous historical high set on April 2.
US Gold Futures Main Contract Daily Chart
WisdomTree commodity strategist Nitesh Shah stated, "In a world disrupted by Trump's trade war, gold has been regarded as the most favored safe-haven asset."
Shah added, "The US dollar is depreciating, and US Treasury bonds are being heavily sold off as confidence in the US as a reliable trading partner weakens."
Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany, commented that the increasing risk of a US recession, the surge in US Treasury yields, and the continued weakening of the US dollar—all these factors reinforce gold's role as a crisis hedge and inflation shield.
UBS analyst Giovanni Staunovo believes that gold prices have further room to rise, "Our more optimistic forecast shows that gold prices are expected to target between $3,400 and $3,500 per ounce in the coming months."
In addition to tariffs, Trump has been pushing the US Fed to lower the benchmark interest rate. Traders are now betting that the US Fed will cut interest rates in June, with a total reduction of about 90 basis points throughout 2025.
Metal trader Tai Wong said, "As CPI and PPI provide the US Fed with more room to cut interest rates and will continue to exert downward pressure on the US dollar, the future trend for gold is upward."
