Gold Daily | Spot Gold Near Historical Highs Amid Trade War Fears and Rising Inflation Concerns

【Latest Gold Price and Recent Trends】

Gold prices rose on Friday, continuing a seven-week upward trend, supported by U.S. President Trump's plan to implement reciprocal tariffs on countries taxing American products, sparking global trade war concerns. Spot gold increased by 0.28%, reaching $2,936, close to the historical high of $2,942.70.

【Technical Analysis】

On the daily chart, gold remains supported and is near historical highs, with potential buying opportunities around $2,790 for better risk-reward. In the 4-hour chart, a minor uptrend is visible, where buyers may push prices higher if retracing to the trendline. The 1-hour chart indicates a small support zone at around $2,922, where buyers are likely to step in.

【Market Sentiment and Economic Background】

The U.S. PPI rose sharply in January, supporting the view that inflation is accelerating and reinforcing expectations that the Federal Reserve won't cut rates before the second half of the year. The dollar and real yields declined, benefiting gold. Trump's tariff announcements have increased trade war fears, impacting global economics.

【Analyst Opinions】

Ajay Kedia, a director at Kedia Commodities, noted Trump's tariffs as a key driver for gold's rise, potentially leading to profit-taking near $3,000. Ilya Spivak from Tastylive mentioned that gold prices could fall if there were breakthroughs in global conflicts or strong U.S. data prompting the Fed to delay rate cuts, though these scenarios seem unlikely in the near term. Peter Schiff criticized reactions to inflation data, warning that the Fed's failure to effectively combat inflation will eventually lead to higher gold prices.