June gold futures rose 1.88 percent to $3,301.4 per troy ounce, according to data from COMEX—a division of the New York Mercantile Exchange (NYMEX).

Gold has risen in price for the third time in a month and reached a record high. The previous record ($3,255.9) was set on April 11, Kommersant reports.

Earlier, Bloomberg predicted that gold—as a safe-haven asset—could reach a record $3,500 per ounce in the third quarter of 2025.

Goldman Sachs analysts this week raised their gold price forecast to $3,700 per ounce by the end of the year amid stronger-than-expected demand for this precious metal from central banks.