Gold Soars Past Rs 92K: Can it Scale More Highs in 2025?

Gold Price: Yet another high for the yellow metal. The yellow commodity surpassed the Rs 92k price level mark in domestic markets as investors remained risk-averse, owing to Trump's tariff move. The April 2 deadline has almost arrived now, keeping investors in heightened uncertainty as there is little information on how the US will implement its 'reciprocal' tariff strategy.

Meanwhile, US markets are witnessing bearish sentiment taking over the wall street. The S&P 500 and tech-heavy index, Nasdaq, dropped to a 6-month-low on Monday. On year-to-date basis, the S&P 500 index has declined over 4.3%, whereas Dow Jones has also remained largely under pressure. The index is down by over 6% or nearly 3,000 points from its all-time-high level.

Gold, on the other hand, has received the 'best-performing asset class' tag, as it has surged by over 16% so far this year. Uncertainty owing to trade tariffs and central banks accumulating the commodity in reserves has also pushed demand levels higher for gold.

Gold Price in New Delhi

The month of April started on a positive note for the yellow commodity. As per GoodReturns Website, the rate of 24-carat gold surged to a new high of Rs 92,070 price level (per 10 grams) in the Delhi NCR region.

Silver, on the other hand, saw a dip in sentiment as its price edged lower. The price of 1kg silver stood at Rs 1,03,900 in the capital city, on April 1. With Trump's tariff deadline now just around the corner coupled with increased demand levels, investors are flocking to purchase gold.

Analysts expectations

Major brokerages and financial institutions have already increased their price targets for the yellow commodity. Last week, Goldman Sachs raised its gold price forecast (for 2025-end) to $3,300 per ounce, from $3,100 level mark earlier. The target range is set between $3,250 to $3,520 per ounce. Better-than-expected exchange-traded fund inflows and continuous buying by global central banks have altogether pushed the price targets higher for the yellow metal.

Bofa followed a similar stance and hiked its average price forecasts for 2025 to $3,063 per ounce from $2,750. The bank has also increased its estimates for 2026 to $3,350 per ounce. Earlier in March, even UBS had increased its price forecast for the yellow commodity to $3,200 per ounce.