Gold has surged to a record high, with spot prices trading at approximately $3,132 per ounce as of 1:00 PM WAT. Data from commodity tracking platform GoldPrice.com indicates that the precious metal closed at $3,118 per ounce on March 31.
Since the start of the year, gold has gained 19.8%, having opened 2025 at $2,625 per ounce.
The rally is largely driven by heightened uncertainty in the global financial markets, prompting investors to seek safe-haven assets as a hedge against economic volatility. Meanwhile, the equities market has struggled, with the S&P 500 posting its worst first-quarter performance since 2022, declining 4.37% year-to-date. The Dow Jones Industrial Average also ended Q1 with a 0.92% drop, despite a brief mid-March rally.