U.S. growth, tariff-related inflation worries and a weaker dollar will drive gold to a new record, possibly within three months, says Citi.

Gold prices have largely risen over the past 18 months, approximately, but will they continue to do so this August?

Spot gold was down 0.5 per cent at $3,362.54 per ounce, after hitting a nearly two-week high on Tuesday. U.S. gold futures also fell by 0.5 per cent to $3,417.30. This comes as U.S. Treasury yields inched higher,

Amid U.S. President Donald Trump remaining steadfast on his tariff policy, gold rose to an all-time high of ₹1,03,830 per 10 grams in Ahmedabad on Thursday, August 7, 2025. On the Multi Commodity Exchange (MCX), gold futures settled at ₹1,00,687 per 10 grams, while silver was around ₹1,13,655 per kg.

Gold gained as traders weighed uncertainty created by President Donald Trump’s latest trade moves, including threatening a 100% tariff on chip imports.

Gold slipped on Tuesday due to an uptick in the dollar, though prices remained near a two-week high on growing expectations of a U.S. rate cut in September.

Gold edged up modestly on Thursday as investors sought safety in response to fresh tariff announcements from U.S. President Donald Trump and weak U.S. economic data, which revived hopes for an upcoming Federal Reserve interest rate cut.

Gold futures edged higher Tuesday, extending the rally that began Friday after significantly weaker than expected U.S. jobs data, including significant downward revisions to previous months' figures,