Gold surged past the 3,300 mark, continuing to hit new highs, and Wall Street responded by sharply driving up gold mining stocks.

Around 16:00 Beijing time on Wednesday (April 16), just as the US pre-market session began, spot gold prices surpassed $3,300 per ounce and reached an intraday high of $3,317.82 around 16:18. This marked the third time in nearly five trading days that spot gold prices hit a record high, with daily gains exceeding 2%, peaking at 2.7%, and a cumulative increase of over 25% year-to-date. Meanwhile, the main US gold futures contract briefly rose to $3,334.2 per ounce, also setting a new high. Driven by the rise in gold, US gold mining stocks strengthened overall in pre-market trading, with Newmont Mining up 3.1%, Barrick Gold up over 3.6%, and Harmony Gold up more than 7.6%. Media analysis suggests that the escalating trade war has raised concerns about a global economic recession, and the unpredictability of tariffs announced by Washington has made it difficult for investors to establish long-term positions. In this environment, gold is seen as the most favored safe-haven asset. Tim Waterer, Chief Market Analyst at KCM Trade, stated, "Factors such as the depreciation of the US dollar and ongoing safe-haven demand are favorable for gold." The day before, US President Trump signed an executive order to investigate national security risks posed by the US's reliance on imported critical minerals and their derivatives—a move seen as a prelude to imposing tariffs, which could further escalate the trade war. Nicholas Frappell, Global Head of Institutional Markets at ABC Refinery, noted, "Increased tariff uncertainty, a tougher US government stance, and tariffs affecting goods transported through third countries could harm global supply chains," all of which support gold prices. Brian Lan, Managing Director of GoldSilver Central in Singapore, said, "As long as uncertainty persists, gold will continue to strengthen." Traders are also betting that the US Fed will cut interest rates at least three times this year, with monetary easing generally benefiting precious metals. ANZ believes that safe-haven buying of gold has not yet accelerated. The bank raised its year-end gold price forecast to $3,600 per ounce and its six-month gold price forecast to $3,500 per ounce. Last Friday, Goldman Sachs analysts predicted that gold prices would rise to $3,700 per ounce by the end of this year and reach $4,000 per ounce by mid-2026.

SMM

Gold surged past the 3,300 mark, continuing to hit new highs, and Wall Street responded by sharply driving up gold mining stocks.

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