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Gold climbed to a new all-time high on Thursday, just a stone's throw away from the $3,000 level against a backdrop of ongoing geopolitical and tariff risks, as well as indications from President Donald Trump that the US intends to verify how much gold it has stored.

On Thursday, gold futures (GC=F) touched an intraday high just beyond $2,973 per ounce before paring gains, while cash market gold surpassed a record $2,954 an ounce.

The surge comes amid concerns of an escalating trade war after Trump announced on Tuesday he intends to impose levies on autos, semiconductors, and pharmaceutical products.

Wall Street expects other countries will follow suit with retaliatory measures that could spur inflation and continue to push buyers toward the safe haven asset.

"Our strategists expect the disruptive nature of tariffs will likely exacerbate economic growth concerns and heighten inflation risks, likely continuing to drive gold buying as a hedge," wrote JPMorgan analysts earlier this week.

Uncertainty over attempts at a deal to end the Ukraine-Russia war also helped send the price of bullion higher. On Wednesday, Trump insinuated dropping support for Ukraine, saying President Volodymyr Zelensky "better move fast" on a peace agreement "or he is not going to have a country left."

Trump's comments about verifying how much gold the US has stored in Fort Knox may also be fueling speculation of higher gold prices.

"We're going to go to Fort Knox — the fabled Fort Knox — to make sure the gold is there," President Trump told reporters on Wednesday aboard Air Force One.

Market participants have been wondering if the US would revalue its gold reserves from $42 per ounce to current prices.

"If the government chooses to reevaluate and mark-to-market the gold — they know how much they have and that will push transparency, and that will definitely push the price of gold higher," Alex Ebkarian, co-founder and COO of Allegiance Gold, told Yahoo Finance.

Earlier this week, Goldman Sachs analysts raised their year-end 2025 gold price forecast to $3,100 per troy ounce, up from $2,890 and "on structurally higher" central bank demand, led by the largest buyer, China.

"We estimate that structurally higher central bank demand will add 9% to the gold price by year-end," wrote Goldman's commodity strategist Lina Thomas.

"However, if policy uncertainty — including tariff fears — stays high, higher speculative positioning for longer could push gold prices as high as $3,300/toz by year-end," said the strategist.