Gold prices touched a new all-time high of $3,086 on Friday and are up 25 points in the day’s trade. The XAU/USD index has surged by 0.78% and is attracting heavy bullish sentiments in the charts. The precious metal is up 17.36% year-to-date and is among the top-performing assets in the broader financial markets.

Also Read: Putin’s “Temporary Admin” Plan for Ukraine Could Shift Europe’s Oil and Gas Flow

If gold builds on the positive momentum, it could touch the $3,100 mark this Weekend. Barely the precious metal has lacked interest and the demand for assets is on the rise. ANZ Bank has predicted that the glittery metal can reach the $3,300 price target next. Therefore, taking an entry position at a high of $3,100 is still a better choice as it could continue generating profits.

Also Read: South Carolina’s Bold Move: Proposes 1M BTC State Reserve

Gold Prices Eye $3,100

The prices of gold shot up on Friday after the US weekly jobless claims fell to the 224,000 mark. The US Labor Department announced unemployment benefits dipped last week and the numbers are slightly better than the market expectations. The development turned the XAU/USD index bullish as joblessness claims are slowly reducing across the country. The labor force plays a major role in the overall markets as it affects consumerism and broader spending.

Also Read: Ripple: New Price Prediction Claims XRP To Hit $5-$8: Here’s How

In addition, the Bureau of Economic Analysis published a report showing that the US GDP grew 2.4% in Q4 2024. The data was better than expected as economists were looking at achieving a 2.3% gain. All these developments played a pivotal role in pushing gold prices higher on Friday. Optimism is now high in the commodity markets with several metals, including silver and copper surging in the indices.

Read here to know how high leading investment bank Goldman Sachs predicts gold prices could reach in 2025. All major investment banks wrote in a note to stakeholders that gold could spike further this year. Trump’s trade tariffs are also among the reasons why institutional funds are buying the glittery metal due to market uncertainties.