Recently, the gold market has shown remarkable performance. Driven by multiple factors, the price of gold has been surging. On Thursday, the gold price soared by more than $50, closing at $2,988.64 per ounce. On Friday, the gold price edged up slightly, hitting a new all - time high of $2,989.72 per ounce, just a step away from the significant $3,000 per ounce mark.

From a macro perspective, the increasing uncertainty of tariff policies has become one of the important factors driving up the gold price. President Trump's erratic trade policies have not only disrupted the global trade order but also triggered violent fluctuations in the financial markets. Trump's threat to impose a 200% tariff on imported European wines, brandies and other alcoholic products has escalated trade disputes, making investors worried about the future economic outlook. As a result, the demand for gold, a safe - haven asset, has increased.

At the same time, market expectations for the Federal Reserve to ease monetary policy are also growing. Although the US Producer Price Index (PPI) in February remained flat month - on - month for the first time in seven months and the number of initial jobless claims decreased last week, indicating a certain degree of economic stability, the radical policies implemented by the Trump administration, such as significant cuts in government spending, have dampened business and consumer confidence, and the risk of economic recession has increased. In this context, the market generally expects that the Federal Reserve may adopt loose monetary policies to stimulate the economy, which strongly supports the gold price.

It is worth noting that data from the People's Bank of China shows that China increased its gold holdings for the fourth consecutive month in February. This move has greatly boosted the morale of market bulls. The holdings of SPDR, the world's largest gold - backed ETF, also increased by 7.17 tons on Thursday, reaching 905.81 tons, the highest level since February 27, further demonstrating the market's preference for gold.

Alex Ebkarian, the chief operating officer of Allegiance Gold, said that gold is in a long - term bull market and predicted that the gold price will fluctuate between $3,000 and $3,200 this year. In the future, investors need to closely monitor important events such as the preliminary reading of the University of Michigan Consumer Sentiment Index in the US in March, the phone call between Trump and Putin, and the G7 meeting of foreign ministers of major Western democracies in Canada, as these events may have a significant impact on the gold market.