Gold Daily | Gold Prices Slip After Record Highs Amid Tariff Concerns and Safe-Haven Demand

【Latest Gold Price and Recent Trends】

Gold prices edged lower on Friday, dipping 0.5% to around $2,923, after reaching a record high of $2,954.69 earlier in the week. Despite the minor drop, concerns over U.S. tariffs continue to bolster safe-haven demand, positioning gold for an eighth consecutive week of gains.

【Technical Analysis】

Analysts note gold experienced profit-taking from near-record highs, with the recent decline attributed to traders adjusting positions ahead of U.S. PMI data. The 14-day RSI suggests potential for further buying opportunities if gold dips to support levels, specifically around $2,900. A break above $2,950 could reignite its record-setting rally, with significant resistance at $3,000.

【Market Sentiment and Economic Background】

U.S. tariff threats and geopolitical tensions, particularly regarding Ukraine and Middle East concerns, are intensifying inflation fears, thereby increasing gold's appeal as a safe-haven asset. The anticipation of retaliation from other nations could drive further gold purchases. Despite high interest rates reducing gold's allure, the Federal Reserve's cautious stance supports its current price levels.

【Analyst Opinions】

Analysts expect continued inflation risks and economic growth concerns due to tariffs, supporting gold as a hedge. Central bank demand, with China as a major buyer, remains a structural factor driving prices up. However, if policy uncertainties persist, speculative positioning could push gold as high as $3,300. The possibility of the U.S. reassessing its gold reserves has also sparked speculation of price increases.