Sleep Prices extended their stellar run on Monday, topped the top of $ 3,100 an ounce to another record high, as uncertainty around the tariff that prevents inflation and hinders economic growth and protects the bullion demand for its strongest quarter since 1986.
The spot gold ranged from 0.7% to $ 3,103.99 per ounce 09:47 AM ET (1347 GMT), before $ 3,128.06 was recorded. The US Gold Futures were up 0.7% at $ 3,136.10.
David Meger, director of Metals Trading at High Ridge Futures, said, “The ongoing uncertainty about tariffs has affected equity markets and brought another round of safe haven in the gold market.”
“The way there are some technical areas of resistance, which may benefit a little or pullback. But the ongoing rapid trend remains in place. It remains on a fundamental basis.”
US President Donald Trump is expected to announce a mutual tariff on 2 April, while the automobile tariff will be effective on April 3.
Trump said on Sunday that he would implement a secondary tariff of 25% -50% on Russian oil buyers, if he feels that Moscow is stopping his efforts to end war in Ukraine.
After increasing more than 27% in 2024, the bullion has so far increased by about 18%, a favorable monetary policy background, strong central bank purchasing and other factors are supported by demanding funds exchanged between other factors.
On the technical front, the relative power index of gold is above 77, indicating that the market is high, but analysts stated that the speed has defined any standard logic where prices are deployed.
Large banks of Wall Street have raised their views on gold prices citing the tension of trade-war and strong central bank, in which Goldman Sachs has expected to cross $ 4,500 within the next 12 months under extreme market situation.
“There are signs of strong Chinese purchase activity that are flowing that are flowing … We hope that uncertainty of uncertainty in relation to the business policy of President Trump is to fuel,” said TD Securities Commodity Strategist Daniel Gali said.
Spot silver slipped 1.7% to $ 33.53 per ounce, platinum was 0.6% below and the palladium grew 0.2% to $ 973.68. All three metals were led to monthly benefits.
“Silver has not benefited from an increase in gold, it actually reflects unknown power in the price of gold because the price of silver is contrary to weakness,” Ghali said.
