• Gold prices hit an intraday high of $3,320/ounce, marking a 2.5% surge.
  • The precious metal has set 22 record highs in 2025 alone, more than doubling its value since late 2022.
  • Trade tensions and economic uncertainty continue driving safe-haven demand.

Gold's Remarkable Rally Continues

Spot gold prices surged nearly 2.5% during Thursday's trading session to reach $3,320 per ounce, continuing a historic rally that has seen the precious metal more than double in value since late 2022. As of early May 2025, gold is trading at $3,328.70 per ounce - $80.95 higher than the previous close - after hitting an all-time high of $3,339 on April 16.

This latest move extends what has become one of gold's most impressive bull runs in modern history. The metal has maintained prices above $2,000 since February 2024 and has gained over 60% since the start of last year, adding more than $1,300 per ounce in under 18 months. Market participants note the unusual velocity of these gains for what's traditionally been considered a stable store of value.

Drivers of the Rally

'What we're seeing isn't speculative froth but fundamental repositioning,' said one London-based metals trader who asked not to be named discussing market movements. 'Portfolio managers who've never held gold are now building positions as geopolitical and monetary uncertainties compound.'

Trade tensions between major economies appear to be the immediate catalyst for Thursday's spike, with investors reacting to fresh tariff threats between the U.S., China and Canada. But the rally's foundations run deeper, with central bank buying and institutional demand creating structural support even during periods of relative calm.

Market Implications

The sustained nature of gold's appreciation suggests the metal may be establishing a new baseline valuation. At current prices:

  • One gram trades for $107.02
  • A kilogram commands $107,020.19

While pullbacks remain possible - and indeed expected in any commodity market - most analysts see the upward trajectory continuing through May absent a material change in the macroeconomic landscape. As one fund manager put it: 'When you have this many record highs in such quick succession, it's usually telling you something about the broader financial system.'