Gold prices are surging once again in the global market as investors turn to the precious metal as a safe-haven asset amid geopolitical instability and the U.S. tariff war. Analysts predict that gold prices may rise even further.

According to a report by Reuters on Tuesday, March 18, the spot price of gold increased by 0.2% to reach $3,008.08 per ounce. Earlier in the day, it hit a record high of $3,012.05. Meanwhile, in the futures market, gold prices rose by 0.4% to trade at $3,017.60 per ounce.

Investors are flocking to gold as a hedge against economic uncertainty triggered by U.S. President Donald Trump's tariff policies. As a result, gold prices hit a record high of $3,000 per ounce on Friday, March 14.