Gold Tops $3,150 as Geopolitical Premium Drives Record Run

Spot gold broke through $3,150/oz intraday this week, setting another all-time high. Analysts point to three major drivers: sustained central bank gold purchases globally, concerns about long-term US dollar credibility stemming from fiscal deficits, and structurally elevated geopolitical risks in the Middle East and Eastern Europe. World Gold Council data shows global ETF gold holdings increased by 87 tonnes in Q1, the largest quarterly inflow since 2020. Technically, $3,000 has become firm support, with upside targets pointing to the $3,200–$3,300 range.