The gold price reached a historic high 40 times in 2024, and in the first month of 2025, it once again broke the record high, making the gold market continue to attract attention.

As the upward trend shows a clear rebound, some analysts suggest that this is just the beginning of what appears to be a larger uptrend. In a recent interview, Michele Schneider, Chief Strategist of MarketGauge, said that if the gold price clearly breaks through the 2800 mark, it will easily rise to $3000 per ounce.

The main COMEX gold futures contract surged 2.86% on Thursday (January 30th), closing at $2845.2 per ounce. On Friday, in the Asian market, it briefly hit a historical high of $2859.5 per ounce. Meanwhile, the current performance of Comex silver is better than expected as the price has stabilized above $32 per ounce. Silver futures in March surged nearly 4% on Thursday, settling at $32.49 per ounce. On Friday, in the Asian market, it reached a high of $32.85 per ounce and is currently trading around $72.77 per ounce.

On the eve of the New Year, many analysts are optimistic about the future performance of gold and silver, but most expect precious metals to fully unleash their potential only in the second half of 2025. However, some analysts point out that the increasing geopolitical uncertainty caused by the policies issued by the new Trump administration is creating a demand for safe haven.

Especially on the day after the Federal Reserve's decision, gold prices hit a historic high. The Federal Reserve kept interest rates unchanged on Wednesday and began sending signals that the easing cycle may end faster than market expectations.

At a press conference held after the Federal Reserve's recent monetary policy decision, Federal Reserve Chairman Powell said that the committee is not in a hurry to cut interest rates because the inflation outlook remains uncertain and the labor market remains healthy.

Ricardo Evangelista, a market analyst at ActivTrades, said that gold has a greater appeal as a safe haven compared to the threat of higher interest rates.

"Although the comments of Jerome Powell, the chairman of the Federal Reserve, suggest that interest rates may remain high for a long time due to persistent inflation risks and a strong labor market, investors are still worried about the possible negative impact of the new government's protectionist policies, and the yield of US treasury bond bonds fell instead. This environment continues to attract investors to seek protection in the case of economic instability, which is conducive to gold, a safe haven asset."

However, Paul Williams, General Manager of Solomon Global, stated in a statement that the reason for the rebound of gold prices to historic highs is not only the impact of controversial policies by US President Trump. He pointed out that the uncertainty of global geopolitics remains high.

Williams said, "The performance of gold highlights the complex interplay between global factors that affect today's economy." This is not a temporary peak, nor is it a "Trump deal," but rather a reflection of geopolitical uncertainty and deep-rooted instability in the global economy. The constantly changing world order is becoming increasingly unstable, making gold an attractive choice for hedging risks and protecting wealth. "

Robert Minter, Director of ETF Strategy at the Institute for Business Development in the United States, said that the demand for exchange traded funds (ETFs) supported by gold and silver from gold investors has remained at a low level, indicating how much potential the market still has.

Mingte added that he expects investors to turn to gold as a safe haven asset, and the current market conditions are like 'trading in a big bang'. You don't know what will happen next. "

When gold attracts market attention, TD Securities' commodity analyst said that the rebound momentum of gold may be weakening, and investors should closely monitor silver.

Overall, the downside risk of gold is still limited, but the sustained upward momentum is starting to weaken. The 'Taurus' needs to reload its bullets, "analysts said.

COMEX Futures Main Contract Daily Chart