After Wall Street raised its target price, gold prices hit a new high, with New York futures gold surpassing the historic $3,000 mark

As gold prices continue to hit new highs, Wall Street analysts are raising their forecasts. The latest prediction comes from Macquarie Group, which expects gold to reach $3,500 per ounce in the third quarter of 2025.

According to the Zhitong Finance APP, on Thursday, New York futures gold surpassed the $3,000 mark, setting a new historical high with an intraday surge of over $50. The escalation of the trade war and mild inflation data have sparked further speculation in the market about the Federal Reserve potentially lowering interest rates this year, all of which have contributed to the rise in gold prices. Marcus Garvey, head of commodity strategy at Macquarie Group, stated in a report on Thursday: "Gold has significantly outperformed our expectations this year." He further noted that the institution has raised its average gold price forecast for the third quarter of 2025 to $3,150 per ounce, with a projected peak price reaching $3,500.

Garvey believes that the Trump administration's swift announcement of (even if not fully implemented) import tariffs has led to increased geopolitical uncertainty and heightened market expectations for inflation. This has somewhat suppressed short-term real interest rates, allowing gold to remain strong despite the dollar's temporary strength and fluctuating market expectations regarding the Federal Reserve's interest rate cuts.

Macquarie's latest forecast follows that of BNP Paribas, whose analysts recently predicted that gold prices will exceed $3,100 per ounce in the second quarter of 2025. BNP commodity analyst David Wilson noted in a report on Wednesday: "The Trump administration's frequent threats of tariffs and the reshaping of international relations have further exacerbated global macroeconomic and geopolitical uncertainty, significantly boosting the gold market."

Since the beginning of the year, gold futures prices have risen by more than 11%, repeatedly setting historical records. Wall Street generally believes that central bank purchases and the uncertainty surrounding tariff policies are the main factors driving up gold prices, with some analysts even suggesting that the U.S. may impose tariffs on gold imports, further intensifying market anxiety.

In the face of this uncertainty, institutional investors have been transporting large amounts of physical gold bars to New York vaults to avoid potential tariff impacts and to take advantage of price differences between the London and New York markets for arbitrage.

Robert Yawger, head of the U.S. energy futures department at Mizuho Securities, stated in a report that tariff-related uncertainties are driving investors to flee to safe assets, pushing gold prices higher. He remarked: "Aside from storing cash in gold, which is at an all-time high, we have nowhere to hide."

Additionally, last month Goldman Sachs also raised its year-end target price for gold, expecting the price to reach $3,100 per ounce by the end of 2025, up from its previous target of $2,890