Gold rises after the U.S. President announces additional tariffs of 104% on Chinese imports

GOLD

Gold is trading above the support zone of $2980, and prices are likely to rise and retest the resistance zone of $3050. This scenario would be invalidated if the aforementioned support zone is broken to the downside.

Gold prices witnessed a notable increase today, with the global ounce price reaching approximately $3,050, marking a 1% rise compared to previous days. This surge is attributed to escalating trade tensions between the United States and China, particularly following the imposition of 104% tariffs by the U.S. on Chinese imports.

This escalation led to a decline in the value of the U.S. dollar, pushing investors toward gold as a safe haven, contributing to the metal surpassing the $3,000 per ounce threshold. Despite this rise, the high yields of U.S. Treasury bonds may limit gold’s future gains.

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