Global trade tensions and geopolitical developments are being reflected in the price of gold. The price of an ounce of gold started the day above $2,900. Gram gold found buyers at 3,396 Turkish Lira. On the other hand, banks have started to revise their targets upwards for the year 2025. Concerns regarding the global trade war continue to impact the pricing of gold. Gold rose by 0.4% to $2,910 in the first transactions of the day. Gram gold changed hands for 3,396 Turkish Lira. Meanwhile, quarter gold was priced at 5,584 Turkish Lira. The reciprocal tariff plan of US President Donald Trump has escalated global trade tensions. This situation has strengthened the safe haven appeal of the yellow metal. CAUTIOUS STATEMENTS FROM RIVER OFFICIALS Statements from officials of the Federal Reserve (Fed) have put pressure on the rise. Fed Board Member Michelle Bowman reiterated her cautious stance on further interest rate cuts in the face of persistent inflation. Fed Governor Christopher Waller supported a pause in interest rate cuts until the inflationary pressures diminish. Investors are focused on the minutes of the Fed’s latest meeting, which will be announced on Wednesday. On the geopolitical front, investors continue to monitor developments regarding a possible ceasefire agreement between Russia and Ukraine. GOALS ARE CHANGING After the performance of gold this year, banks have started to update their forecasts. US-based Goldman Sachs raised its year-end gold forecast to $3,100. The bank stated that due to long-term speculative positions, gold could reach $3,300 per ounce by the end of the year. Swiss-based UBS, on the other hand, predicted that gold would surpass $3,200.