Gold shines as we draw closer to Trump tariffs deadline

After some consolidation just above $3,000 since last week, gold is starting to ratchet higher again in trading today. With broader markets caught in a wave of uncertainty on what will happen with Trump’s tariffs, gold continues to shine brightly and is keeping bid once more.

The brief pause above $3,000 saw price action folding back towards its 100 (red line) and 200-hour (blue line) moving averages, before buyers once again seized near-term control earlier today.

The record high earlier this month was at $3,057 and we’re not too far away from contesting that.

As markets continue to grip with economic uncertainty from tariffs, geopolitical uncertainty, more prospects of rate cuts by major central banks, gold continues to find good reason for being demanded. That especially with major central banks such as the PBOC especially still stocking up on supply.

This article was written by Justin Low at www.forexlive.com.