Gold surged to an unprecedented US $3,500 per ounce in April 2025, propelled by economic uncertainty, including tariff tensions, a weak U.S. dollar, and expectations of Federal Reserve rate cuts. Central bank buying (especially from China, Uzbekistan, and Kazakhstan) also fueled the rally, with gold-backed ETFs seeing nearly US $9.4 billion in February inflows — the highest since March 2022. Analysts from firms like JP Morgan and Bank of America say even with record highs, gold could climb further—some forecasting peaks above US $4,000, $5,000, or even $10,000 long term .
