Gold hits record highs as analysts now eye $3,000 target, silver price rallies 4%

**promotion blocked** News) - The gold market continues to attract attention as it prepares to end the first month of 2025 at a record high, following the trend of 40 all-time highs in 2024.

With bullish momentum clearly picking up, some analysts have said that this is only the start of what looks to be a bigger move. In a recent interview with **promotion blocked** News, Michele Schneider, Chief Strategist at Market Gauge, said that if gold sees a clear break above $2,800 an ounce, it can easily reach $3,000.

As of 4 p.m. ET, February gold futures last traded at $2,849.40 an ounce, up nearly 2% on the day. Meanwhile, silver is outperforming as prices have pushed solidly above $32 an ounce. March silver futures last traded at $32.475 an ounce, up 4% on the day.

Ahead of the new year, many analysts were bullish on gold and silver, but most were not expecting the precious metals to see their full potential until the second half of the year. However, some analysts have noted that rising geopolitical uncertainty caused by policies enacted by the new Trump administration is creating safe-haven demand.

By Neils Christensen

Published:

Jan 31, 2025 - 8:57 AM

Updated:

Jan 31, 2025 - 9:18 AM

Gold hits record highs as analysts now eye $3,000 target, silver price rallies 4% | **promotion blocked** News