Gold prices soared past $3,100 per ounce on Monday, reaching a historic peak amid growing concerns over inflation linked to US tariffs. The precious metal’s rally has positioned it for its strongest quarterly performance since 1986, reflecting heightened investor demand for safe-haven assets.

So far this year, gold has climbed approximately 18 per cent, continuing its impressive upward trend. As of 8:10 pm, Indian Standard Time, gold at Comex was at $3144.10 per ounce. In Calcutta, pure gold price was ₹90,750 per 10 gram, up ₹1,050 from ₹89,700 on Saturday.

Reuters quoted Nitesh Shah, a commodities strategist at WisdomTree, saying that Gold’s upward trajectory reflects growing concerns over tariffs and their potential impact on economic growth. Investors are turning to gold as a safeguard against economic uncertainty.

The anticipated announcement of reciprocal tariffs by former President Trump on April 2, followed by the implementation of automobile tariffs on April 3, has further fuelled market anxieties.

Additional factors, such as expectations of interest rate cuts, robust central bank purchases, and increasing exchange-traded fund (ETF) demand, have all contributed to gold’s remarkable performance.

Looking ahead, Shah predicts gold prices could reach approximately $3,500 per ounce by this time next year, citing ongoing geopolitical risks and sustained investor sentiment.

“While these high prices seem to have a temporary impact on the jewellery demand, the gold investment demand on the other hand, continues to drive the market, as record domestic prices and inflows into gold ETFs, digital gold, coins and bars reiterate gold’s appeal,” said Sachin Jain, regional CEO, India, World Gold Council.