Gold prices have surpassed $3,300 per ounce, setting a historic high as global markets face heightened volatility.

This surge reflects investor anxiety over economic uncertainty and highlights the significant impact of controversial tariff policies under President Trump.

Gold price today, April 16: Experts react as BTC faces mixed calls amid tariffs issue

Gold price today, Monday, April 15, rose above $3,300, setting a new high.

This surge continues to propel Bitcoin (BTC) as it faces an interesting outlook amid increased economic uncertainty and controversial tariff policies.

What’s keeping gold pushing higher?

At the time of press, gold was spotted trading at $3,317, up 25% since the beginning of the year.

A report by The New York Times explained that a primary driver of gold’s continued rise is the global trade war. As major economies engage in retaliatory tariffs, the global economic outlook is becoming increasingly clouded.

The US recently announced new tariffs, which in turn triggered immediate countermeasures from China, the European Union, and Canada. In response, the White House is planning to escalate the situation further.

“While general uncertainty and deteriorating economic vibes are improving interest in gold, most of gold’s price action is around the uncertainty related to tariffs,” said Helima Croft, head of global commodity strategy at RBC Capital Markets.

Furthermore, there are concerns that tariffs could be levied on gold imports, and this fear has spurred a buildup of gold stocks in the United States.

Major banks like JPMorgan Chase (NYSE:) and HSBC (OTC:) are moving large quantities of gold from London’s vaults to New York, with JPMorgan alone planning to transport $4 billion worth of gold this month, according to Business Standard.

In addition to the tariff implications, macro analyst Zerohedge highlighted another factor—the Senate Budget Resolution for FY2025. This resolution will allow the US to increase its budget deficit by up to $5.8 trillion over the next ten years.

“Gold is reacting to this news with a surge above $3,300. This price spike reflects fears of currency devaluation due to ballooning deficits.”

Also, Goldman Sachs recently raised its year-end gold price forecast to $3,700. The investment bank cited stronger-than-expected central bank demand and increasing recession risks for the optimistic outlook.

What do analysts say about Bitcoin as gold hits new highs?

While gold has been hitting new highs, the world’s leading cryptocurrency, Bitcoin, has drawn mixed opinions.

Anthony Papillano, CEO of Professional Capital Management, told CNBC on Monday that Bitcoin is down about 10% since the start of the year, while gold has risen by 20%. However, both assets have gone up roughly 35% over the past year.

But Papillano highlighted several reasons why he believes Bitcoin could now rally like gold. He pointed to the US government’s plans to build a strategic Bitcoin reserve and the younger generation’s increasing interest in cryptocurrency as part of their long-term investment strategy.

“History tells us Bitcoin’s returns will skyrocket past Gold in the coming months.”

Several analysts have noted that Bitcoin usually lags behind gold’s upward momentum by about 100 days, especially during periods of increased global liquidity.

Moreover, in the first quarter of 2024 alone, companies purchased more than 95,400 BTC, showcasing strong institutional demand for the crypto.

However, economist Peter Schiff, a staunch critic of Bitcoin, had a different view. He stated that the best trade to make right now is to sell all Bitcoin and other cryptocurrencies and invest exclusively in gold and silver mining stocks.