Gold price may go past $3,500/ounce in global market

Even as many foreign analysts see gold prices scaling past the $3,500/ounce mark, the domestic industry does not see the yellow metal, which has already gained more than 20% so far this year, can scale that height.

Foreign analysts see the metal hitting a peak of $3200-3,300/ounce in the global markets this year. On the Chicago Mercantile Exchange, gold was trading at $3,161, a new peak at 1900 hours on Wednesday, while the domestic prices peaked at `9,356/gram for 24 carats. The Wednesday’s rally has most to do with the so-called 25% reciprocal import duties on all goods reaching the US shores, which President Donald Trump had said would be rolling in from US time on Wednesday.

From the fiscal year point of view, gold has dazzled in fiscal 2025, surging 38%, marking the best fiscal year since FY08 as investors sought refuge in safer haven assets on global developments, especially American tariff-related threats.