Gold Daily | Gold Prices Hit Record Highs Amid Tariff Worries and Safe Haven Demand

【Latest Gold Price and Recent Trends】

This week, gold prices soared to historical highs, surpassing $3,100 amidst tariff fears under President Trump's administration, further increasing to nearly $3,150 on Tuesday. Investors seek tariff-resistant options, driving gold's appeal as a safe haven.

【Technical Analysis】

Gold is currently experiencing a technical pullback after peaking at $3,149, with minor declines suggesting a temporary respite rather than a reversal. The RSI indicates an overbought status, signaling possible short-term consolidation. Immediate support is at $3,128-$3,127, with resistance forming around $3,178, potentially extending to $3,212 if upward momentum resumes.

【Market Sentiment and Economic Background】

Tariff anxiety is significantly impacting market risk appetite, propelling gold prices to new highs. Concerns over a broad trade war affecting the U.S. economy have led to a shift towards safer assets like gold. The Federal Reserve's expected rate cuts and central bank buying continue to bolster gold alongside geopolitical uncertainties.

【Analyst Opinions】

Analysts foresee continued gold price increases, with major banks like Goldman Sachs projecting prices to reach $3,300 by year's end. HSBC outlines scenarios favoring gold, including U.S. economic recession fears, stagflation risks, and debt concerns, suggesting gold's growing strength amid market turbulence.