Gold surged past $3,300 per ounce this week, driven by renewed trade war tensions and growing concerns over U.S. fiscal deficits. The metal opened the week around $3,218 and quickly moved higher, reaching a weekly peak of $3,366 on Friday, marking a 4.5% gain over the week.

The rally was fueled by a series of geopolitical and fiscal headlines. Reports that the U.S. government’s debt was downgraded, coupled with a resurgence of protectionist trade policies, triggered investor moves into safe-haven assets. Trump’s proposal to impose a 50% tariff on EU imports and new levies on foreign-made Apple devices rattled global markets.

Throughout the week, gold consistently found support at the $3,300 level, bouncing back after brief dips and confirming a solid technical base. Momentum remained strong across global trading sessions, from North America to Asia.

According to Kitco’s latest gold sentiment survey, none of the 16 Wall Street participants predicted a decline in gold next week. Thirteen (81%) expected prices to rise, while the remaining three foresaw a sideways trend. Retail traders echoed this optimism, with 63% of 245 online voters anticipating higher prices next week.

Traders are now closely watching upcoming economic data, including U.S. durable goods, consumer confidence, GDP revisions, jobless claims, and Friday’s Core PCE — the Fed’s preferred inflation gauge. These figures may help clarify whether the central bank will continue delaying rate cuts.

The broader market narrative also includes capital flows shifting into gold amid equity volatility, dollar weakness, and a general flight from risk assets. Unlike during the previous trade war cycle, gold is now being embraced from the outset as the preferred hedge against tariff-related uncertainty.

Bitcoin, in contrast, declined while gold advanced — reinforcing the view that gold remains the favored vehicle for more conservative hedging strategies, especially during periods of rising real yields and global instability.

Technically, if gold manages to break past its recent highs near $3,509, analysts believe a push toward $3,800 could follow. As long as gold holds above $3,300, the bullish trend is likely to persist into early June.