As of February 7, 2025, the price of gold is roughly $2,889, just a couple of dollars below all-time highs reached earlier in the month. The massive rally—gold is up more than 40% in the year leading to that date—has been fueled by a diverse range of factors, including lingering inflation, global geopolitical turmoil, and, most recently in the United States, uncertainty about the Trump administration's planned tariffs on Mexico and Canada, among other things.
The precious metals rally is both massive and apparently continuing. UBS analysts raised their forecast for the price of gold in the coming year to $3,000 an ounce, signaling faith in the precious metal's continued appeal as a store of value during times of market uncertainty.
