- Gold prices continued to break historical records at the beginning of this week, reaching a new all-time high of $2,912 per ounce amid growing global uncertainty.
- The US insistence on imposing more tariffs on other major global economies is accelerating the pace of global gold purchases as a hedge.
- As is well known, gold is one of the world's most important safe-haven assets.
- Last week, it recorded a gain of 1.3%, and since the beginning of 2025, gold prices have jumped by 11%.
According to gold trading companies' platforms, the gold price index has recorded seven record highs so far in 2025. The performance of silver, the sister commodity to gold, has not changed much. Silver futures rose to $ 32.48 per ounce. Recently, silver prices had fallen last week and have risen by 11% this year.
Impact of US Tariffs on Investor Sentiment
Before the start of trading this week, US President Trump told reporters that he would impose an additional 25% on all steel and aluminium imports on Monday. Also, He plans to announce reciprocal tariffs this week by matching the rates implemented by foreign markets. The news sent the US dollar higher, which is usually bearish for the dollar. According to Forex trading, the US Dollar Index (DXY), a measure of the US dollar against a basket of other major currencies, rose. Overall, the US Dollar Index has fallen by 0.1% this year.
As is known, a stronger dollar is usually bad news for commodities priced in dollars because it makes them more expensive for foreign investors to buy.
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Trading Tips:
The recent performance of the gold price confirms the strength of our trading tips to buy gold from every low level as long as the new US administration is determined to increase trade and political tensions.
Another factor affecting the gold market is US Treasury yields, which have also been mixed, with the yield on 10-year bonds fluctuating between positive and negative territory. Furthermore, Interest rates can affect the opportunity cost of holding non-yielding bullion.
Overall, economists have warned that President Trump's tariff plans could revive inflationary pressures at a time when prices have remained high and shown signs of accelerating growth. This week, two major inflation reports will be released: the US Consumer Price Index for January and the US Producer Price Index for January. Additionally, Federal Reserve Chairman Jerome Powell will deliver his semi-annual monetary policy report on Capitol Hill over two days. Moreover, Federal Reserve officials have already stated that the central bank needs to start considering the new administration's trade policies when formulating monetary policy.
Gold Price Technical Analysis and Expectations Today:
My technical outlook for gold prices remains bullish. According to today's gold price analysis, the overall trend of gold prices will remain upward if the environment of trade tensions and global political uncertainty persists. Meanwhile, investors in gold will not be as concerned about technical indicators moving into oversold levels after the recent gains as they are about the continued existence of the factors driving gold gains mentioned above. Breaking the historical resistance of $2,900 will strengthen expectations of a move towards the next historical peak of $3,000 per ounce, which gold experts had previously expected to be reached by the end of 2025, but Trump's policies will accelerate the move towards that peak. Currently, the closest resistance levels for gold prices are $2,922, $2,955, and $2,970 per ounce.
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