Gold price reach record high of $3500/oz – what to know

Gold price is sharply higher today, reaching record levels above $3,500 per troy ounce, as markets react to a stunning policy shift: the U.S. has imposed a 39% tariff on Swiss gold imports. That decision, coupled with expectations of slowing economic growth and a potential Federal Reserve rate cut, has driven investors toward gold as a defensive, safe-haven asset.

Tariff Impact: Market Disruption Sparks Bullion Buying

A surprise announcement by U.S. Customs and Border Protection reclassified 1-kg and 100-oz Swiss gold bars, hitting them with steep tariffs. The move sparked U.S. gold futures to surge to a record $3,534/oz, while spot prices climbed above $3,400 amid disrupted supply chains and heightened risk aversion.

This policy shift has introduced a premium of over $100 between COMEX futures and global spot prices, rattling the traditional pricing and hedging mechanisms firmly embedded in bullion markets.

Current Price Snapshot and Technical Signals

As of 8:50 a.m. ET today, spot gold was trading at approximately $3,395/oz. Meanwhile, live spot platforms, such as JM Bullion, report a range between $3,409 to $3,413 per ounce, reflecting a strong upward trend.

Technical analysis points to a bullish formation: gold is consolidating within an ascending triangle, with critical resistance near $3,435 and potential upside toward $3,735, while support holds above $3,245.

Macro Factors Fueling the Rally: Rates, Tariffs, and Uncertainty

Key drivers pushing gold upward include:

• Tariff-driven supply disruption, renewing safe-haven appetite.
• Weak U.S. economic data, including slowing jobs growth, fueling speculation of an imminent Fed interest rate cut.
• Global geopolitical tensions and persistent inflation concerns, enhancing gold’s reputation as a financial hedge.

Gold futures are flirting with all-time real price highs, the climb reflects accumulated stress from trade shocks, monetary policy expectations, and macro fragility.

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What Investors Should Watch

• Short-term volatility remains high amid evolving tariff interpretations and policy clarity.
• Technical signals suggest a breakout is possible, with momentum toward higher resistance zones.
• Longer-term demand forecasts from Citi anticipate prices hitting $3,500/oz within the next three months, driven by rising institutional and central bank demand amid ongoing economic frailty.