Gold rises above $3,100 – ING

Gold rose above $3,100/oz for the first time to hit a fresh record high at the start of a new week, ahead of President Donald Trump’s tariff announcement, beating its previous record high hit just last Friday, ING’s commodity analysts Warren Patterson and Ewa Manthey note.

Gold is up 19% year-to-date

"Gold is one of the best-performing major commodities this year, up 19% year-to-date, driven by trade frictions, economic uncertainty, central bank buying, and inflows into ETF holdings. President Trump’s unpredictable trade policy has been the key driver for Gold so far in 2025. We see uncertainty over trade and tariffs continuing to buoy Gold prices."