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Gold Gains Momentum as Tariffs and Inflation Concerns Spark Buying
Gold (GC=F) futures opened at $3,781.50 per ounce on Friday, up 1.2% from Thursday’s close of $3,736.90, as the precious metal continues its impressive climb. September has proven particularly strong for gold, which has gained nearly 8.5%, fueled by geopolitical tensions, market uncertainty, and safe-haven demand.
Trump’s Tariffs Ignite Gold Buying
The rally comes in the wake of President Donald Trump’s announcement of new, industry-specific tariffs effective October 1. These include 100% tariffs on branded pharmaceuticals, while heavy trucks and furniture face levies ranging from 25% to 50%. There are also discussions about proposed tariffs on chipmakers that import more semiconductors than they produce in the U.S.
The uncertainty surrounding the economic repercussions of this aggressive tariff agenda has investors seeking safety in gold. As a traditional safe-haven asset, gold benefits during periods of market turmoil, and the recent tariff announcements have amplified this demand.
Gold’s Recent Performance
Friday’s opening price of $3,781.50 marks a 3.3% increase from the opening price of $3,659 just a week ago on September 19. Over the past month, gold has surged 11.9%, climbing from $3,378.90 on August 26, 2025. In the past year, the precious metal has posted a remarkable 42% gain, rising from $2,662.30 per ounce in September 2024.
Analysts remain optimistic about gold’s trajectory. Goldman Sachs Research projected in May that gold could reach $3,700 per troy ounce by the end of 2025, reflecting a potential 40% increase for the year based on January 2’s opening price of $2,633. Rising central bank demand and U.S. tariff uncertainty are key drivers behind this bullish outlook.
Precious Metals Go Mainstream: Costco Offers Gold, Silver, and Platinum
Interestingly, Costco (COST) has emerged as an unconventional venue for investing in precious metals. The club store now sells gold bars, silver coins, and platinum bars, offering retail investors a convenient way to diversify their portfolios. Gold bars were first introduced in 2023, followed by silver and platinum, aligning with the ongoing surge in precious metal prices throughout 2025.
This move by Costco reflects the growing mainstream interest in physical precious metals, which complement digital or paper-based investments. Investors looking to hedge against economic uncertainty can access these assets without complex brokerage accounts.
Historical Context and Long-Term Perspective
Gold’s price trajectory highlights the metal’s long-term cyclical behavior. From 2009 to 2011, gold experienced a significant growth phase before entering a prolonged downtrend that lasted nearly nine years. While underperforming years can weigh on overall portfolio returns, higher allocations in anticipation of bull cycles can provide substantial benefits during growth periods.
Currently, gold is near its all-time highs, making the present moment an intriguing opportunity for investors seeking exposure to a historically stable and high-demand asset.
Market Implications and Future Outlook
Gold’s steady upward climb underscores its status as a reliable hedge against geopolitical and economic uncertainty. Investors are closely monitoring tariff developments, central bank policies, and broader macroeconomic trends to gauge future price movements.
The combination of rising demand, macroeconomic uncertainty, and limited supply positions gold favorably as both a speculative asset and a long-term store of value. With prices approaching $3,800 per ounce and analysts projecting further gains, gold continues to capture attention from institutional and retail investors alike.
