FX.co ★ Gold rockets past $3,300 amid flight to safety

The yellow metal remains firmly in favor, soaring to unprecedented heights. For the first time in history, gold futures have surged above $3,300 an ounce. Moreover, analysts are predicting even more record highs before the year is out.

June gold futures on the Chicago Mercantile Exchange (CME) topped $3,300 an ounce in early trading, with intraday highs reaching $3,306. Prices briefly jumped more than 2%, driven by renewed demand for safe-haven assets amid escalating trade tensions between the United States and China triggered by President Donald Trump's recent policy moves.

The immediate catalyst was a fresh executive order from the White House launching a national security investigation into the import of critical minerals. The probe will assess potential threats related to cobalt, nickel, rare earth elements, and uranium. The Trump administration is weighing the imposition of new tariffs on these strategic resources.

Many analysts view the measure as the latest flare-up in the ongoing economic standoff between the world's two largest economies. The heightened uncertainty has cast a shadow over other traditional safe-haven assets, including the US dollar and Treasury bonds. Against this backdrop, gold has emerged as the haven of choice. With investor confidence in the dollar waning, analysts anticipate that bullion could continue climbing towards new all-time highs in the months ahead.