Unstoppable the gold rush, which updates the historical record to 3,300 dollars per ounce (over 93 euros per gram). 

Behind the rise in recent months a mix of factors: macroeconomic pressures, increasing demand for safe havens and changing monetary policy. Weighs the collapse of the colossus Nvidia, which signals charges of 5.5 billion dollars in its first quarter profits due to Trump duties.
In the following paragraphs, we will look at the main global uncertainty factors and try to understand how they contribute to pushing precious metal to unprecedented levels.

US-China trade tensions

 Chinese economy above expectations, with a robust +5.4% in the first quarter of this year. This is again driven by trade duties, which have led producers to anticipate exports. Beijing boasts a result that has already allowed to achieve the annual targets, but analysts remain cautious about the pressure that the entry into force of tariffs could exert on the economy of the dragon. 

The dangerous trade stalemate between the Chinese and US superpowers remains, with Beijing enjoying considerable negotiating power due to its control over strategically vital materials, including a monopoly on rare earths.
International economists stress a crucial element: China can replace its imports from the US more easily than the opposite.
US exports to the Asian giant are mainly low value-added agricultural goods: soya, cotton, beef and poultry. China’s imports from the US are different, including machinery, electronic materials, processed minerals and advanced technologies that are hard to find elsewhere.

Trump’s strategy seems to focus on the commercial isolation of the opponent, using tariffs as a negotiating tool with more than 70 nations. The objective is to prohibit China from shipping goods through different countries, preventing Chinese companies from settling in their territories in order to circumvent US tariffs. Trump also aims to ensure that as many economies as possible refuse to embrace Chinese low-cost industrial goods.

The tense climate between the world’s two major economies is driving investors to seek security in gold: global economic slowdowns, a collapse of international trade and supply chain slowdowns are worrying.

Weak dollar and unknown Fed

The decline in real yields makes gold more attractive than investments that pay interest.  The contribution of a dollar in distress is considerable, fueling demand for the safe haven asset by making it more convenient for international buyers.
The possibility that the Federal Reserve (Fed) may decide to cut interest rates in an attempt to contain the economic shock from the Trump administration also contributes to strengthening the bullish outlook.

Nvidia shares decline after Trump statements

 Chip manufacturer Nvidia blames recent statements by the US president. The chipmaker would need a license to sell H20 chips in China "for an indefinite future": words that lower by 5.2% the shares of the high-tech giant.
The news of the suffering of Nvidia, one of the most representative stocks in the technology sector, has spread among investors a feeling of instability and the desire to rely on safer assets, such as gold.
Concerns related to the cooling of the high-tech boom and a possible global economic slowdown contribute to increasing the demand for the shelter par excellence. This does not include the impact that a decline in big-tech could have on future Fed choices: if stock markets were to falter, the US central bank might consider a more accommodative monetary policy in order to stimulate the economy.
A situation from which gold could only benefit.

What to expect from the gold market?

Taking into account the factors we discussed in the previous paragraphs, expectations for precious metals remain upward.
2025 is proving to be an exceptionally good year for gold, so much so that Goldman Sachs has revised its end-of-year projections to $3,500 per ounce.
The price increase is also due to an estimated 3% decrease in mining output, due to delays in mining permits and deterioration of mineral grades.
A shortage of supply that coincides with record demand from investors and, added to the global macroeconomic turbulence, throws fuel on the fire.

Fonti: 

Major gold miners on the ASX as gold price rises

Stock exchange today - Milanofinanza

Stock exchange and markets- Il Giornale

Record gold price