Inflation swaps imply persistent CPI above 3%, a scenario that historically drives gold higher, aligning with a $2,380 target in the "XAUUSD price forecast May 2025" models used by UBS. The $3,000 threshold already appears within reach, with spot gold ( XAUUSD ) surging as high as $2,954.95 per troy ounce Thursday morning. Gold has reached repeated record highs in recent weeks, rising roughly 13% already this year. Risk appetite and sentiment continues to improve on rising hopes that a trade deal between the US-China will be reached. According to reports from both Bloomberg and the Financial Times, the Trump administration has reportedly tried reaching out to Beijing to start tariff talks, according to a Chinese state-run media outlet. Technical breakout levels in late April could trigger algorithmic buy signals, accelerating gains toward the top end of "XAUUSD price forecast May 2025" projections at $2,