Gold Surge: Wall Street Giants Predict $3,000 as Trade Tensions Mount

Trade tensions between the U.S. and China have sparked a surge in gold prices, with Wall Street's financial giants like Citi and UBS increasing their price forecasts for the precious metal. As geopolitical uncertainties mount and central banks continue to hoard gold, investors are turning to the yellow metal as a safe haven.

Citi has raised its short-term target for gold to $3,000 per ounce, up from the previous $2,800, citing growing concerns over international trade disputes. This bullish outlook is shared by other financial institutions, as investors seek refuge in gold amidst market volatility.

Gold-backed digital tokens, such as PAXG and XAUT, are also gaining traction. These hybrid investments combine the reliability of physical gold with the flexibility of cryptocurrency, making them an attractive option for investors looking to diversify their portfolios.

Spot gold prices have climbed to $2,861.46 per ounce, marking a sixth consecutive week of gains. The U.S. and China's ongoing trade spat has fueled gold's appeal as a safe-haven asset, with investors flocking to the precious metal in search of security.

Despite a robust U.S. job market, uncertainties surrounding trade tariffs and their impact on economic policies continue to keep investors on edge. As the Federal Reserve navigates these mixed signals, the future of gold looks promising, with analysts bullish on companies like Wheaton Precious Metals (WPM) and Rio Tinto (RIO).