Gold Daily | Spot Gold Hits Record High Amid Trade Tensions and Continued Weekly Gains

【Latest Gold Price and Recent Trends】

Spot gold rose 0.5% to $3,073 per ounce, having earlier hit a record high of $3,086.21. This week's price is up 2%, marking the fourth consecutive weekly increase. Increased tariffs and global trade tensions under Trump's policies are key drivers.

【Technical Analysis】

The daily chart shows gold testing the ascending triangle target of $3,080. A slight short-term pullback is possible due to the RSI entering the overbought area at 72.50. Immediate support lies at $3,050; if breached, gold may test the March 26 low of $3,012, with $3,000 as a key level. If buyers hold, the next target is $3,100, potentially driving prices to $3,150.

【Market Sentiment and Economic Background】

Trump's tariffs on imports, including a 25% levy on autos, have intensified trade war fears. This uncertainty, combined with geopolitical risks and central bank gold purchases, supports gold's rise past $3,000. Despite good U.S. economic data, tariff uncertainty weighs on sentiment, pressuring the dollar and bond yields while boosting gold.

【Analyst Opinions】

Analysts remain optimistic about gold due to U.S. policy uncertainty, trade tensions, global conflicts, inflation concerns, and macroeconomic instability. Goldman Sachs raised its year-end gold price forecast to $3,300, citing strong central bank demand and ETF inflows. The upcoming U.S. PCE price index may influence inflation expectations and monetary policy, impacting gold's appeal.