Eric Sepanek
SBC Founder
Eric Sepanek is the founder of Scottsdale Bullion & Coin, established in 2011. With extensive experience in the precious metals industry, he is dedicated to educating Americans on the wealth preservation power of gold and silver.
Gold prices crossed the $3,000 threshold for the first time late Thursday, confirming this year’s momentum and treating bulls to a major milestone. This breakout has the yellow metal up over 38% year-on-year and nearly doubled its value since 2020. Breaking through the $3,000 ceiling is a notable achievement, but many analysts suggest there is more in gold’s ongoing rally with plenty of fuel in the tank for more all-time highs.
Gold Prices Cross $3,000 an Ounce
On the COMEX, gold futures opened at $2,998.20 yesterday morning (March 13, 2025), before hitting a high of $3,003.80, officially extending beyond the $3,000 mark for the first time. Throughout March 13, prices traded within a tight range, hitting a low of $2,995.00 and a high of $3,003.80, signaling consolidation rather than a sharp rejection at this key level.
This morning, Friday, March 14, 2025, the spot market joined this historic rally. Spot gold prices briefly surpassed $3,000/oz, achieving a new record high of $3,004.67/oz (intra-day)1. COMEX prices continued to rise, reaching an intraday peak of $3,017.10/oz.
📈 Update March 19, 2025: The demand for safe havens continues to drive gold’s historic rally, propelling prices to new records. As of Wednesday, Spot gold prices reached a new all-time high of $3,053.20 per ounce (intra-day), while futures hit a new intra-day all-time high of $3,061.60 per ounce.
A Milestone, Not the Finish Line
Gold bugs have been eyeing $3,000 for years, but this arbitrary number is purely psychological. It has no real impact on gold’s performance, only to the extent investors perceive it. That’s why many experts predict gold will soon push beyond the $3,000 limit.For instance, VanEck CEO Jan van Eck’s nonchalantly bullish reaction is: “Who cares. Talk to me when it hits $5,000.”
As Scottsdale Bullion & Coin’s Sr. Precious Metals Advisor Damian White explains,
I would think you should be able to see $3,300 pretty quickly…maybe this year as a personal price target, but I have seen some estimates of even as high as $4,500 for the end of 2026.
This upward projection aligns with several major financial institutions upping their gold price targets for 2025.
- ANZ Bank: On March 18, 2025, ANZ raised its gold price target from $2,900 to $3,200 per ounce. The bank stated, “strong tailwinds from escalating geopolitical and trade tensions, easing monetary policy, and strong central bank buying” as the reason for the upgraded price target.
- UBS: Forecasts gold reaching $3,200, stating the metal “has again proven itself…as a store of value and hedge against uncertainty.”
- VanEck: Targets prices hitting $3,250 as “people turn to gold…if there’s trouble in the US or global economy.”
- Goldman Sachs: Raises outlook to $3,300, citing “structurally higher” central bank demand.
- Bank of America: Sets a bullish target of $3,500, driven by “exceptional purchases by the official sector.”
- Macquarie Bank: Expects gold to reach $3,500 by Q3 2025, matching its inflation-adjusted 1980 high.
The Short-Term Drivers
Experts attribute gold’s recent surge over the $3,000 barrier to a combination of mounting macroeconomic concerns. Persistent inflation, weaker spending, declining consumer confidence, a softening job market, and downward GDP revisions have all contributed to the metal’s surge.
However, the most immediate catalyst may be policy uncertainty, as Trump’s rapidly shifting tariffs rattle markets. Other short-term drivers that could cement gold’s position above $3,000 include the upcoming Fort Knox audit or a possible shift in the Federal Reserve’s rate policy.
The Long-Term Support
Although short-term uncertainty and instability have elevated gold prices over the $3,000 hurdle, a future rally would be sustained by foundational economic and geopolitical shifts, such as:
Central Bank Demand – National gold demand spiked in the wake of the Russian invasion of Ukraine in 2022 and consumption has remained above 1,000 metric tons for the past three years. Central bank appetite is expected to remain strong moving forward.
De-Dollarization Trends – Friend and foe are proactively de-dollarizing their economies as the US dollar’s weaponization and weakness make it more of a risk than an asset. Gold has arisen as the go-to replacement for the greenback.
Fiscal Mismanagement – The US’ wholesale embrace of Modern Monetary Theory (MMT) has led to a monumental $36 trillion debt, caused by unchecked spending and printing. Investors at all levels increasingly see gold as protection against the dollar’s mishandling.