Gold Daily | Gold Rebounds Amid Tariff Uncertainty and Geopolitical Tensions, Eyes on Fed Minutes

【Latest Gold Price and Recent Trends】

On Wednesday, gold prices rebounded to around $2,944, breaking the previous high of $2,942.70. The rise is fueled by uncertainties surrounding Trump's tariff threats and U.S.-Russia peace talks. Spot gold rose 0.3% to nearly $2,944, with the highest reaching $2,946.44.

【Technical Analysis】

Gold prices consolidate below a record high of $2,943, awaiting the Federal Reserve's meeting minutes. The daily chart indicates a bullish trend, with potential resistance at $2,970 and support at $2,890. Technical indicators show a continued bullish momentum, with buyers aiming for the all-time high. Any significant drop may test levels around $2,900 and then $2,877.

【Market Sentiment and Economic Background】

Investors are assessing Trump's tariff threats on cars, semiconductors, and pharmaceuticals, which could be as high as 25%. These tariffs, aimed at reshaping global trade, add uncertainty and drive a shift towards safe-haven assets like gold. The first U.S.-Russia peace talks excluded Ukraine and Europe, adding to geopolitical tensions. Analysts suggest diversifying investments into gold due to macroeconomic and geopolitical risks.

【Analyst Opinions】

Analysts from ANZ Bank suggest that Trump's presidency introduces macroeconomic and geopolitical uncertainties, encouraging investment in gold. Ajay Kedia from Kedia Commodities warns of limited upside for gold due to geopolitical developments and potential technical profit-taking. Goldman Sachs has raised its year-end gold price target to $3,100, citing strong central bank purchases. The ongoing global uncertainties could push gold prices higher. Analysts are also closely watching the Federal Reserve's meeting minutes for clues on monetary policy. A hawkish tone could support the U.S. dollar and pose a downside risk to gold prices. However, current economic conditions and Trump's policies may keep the demand for gold strong.