The last two trading sessions for the gold to US dollar pair (XAU/USD) confirmed an upward trend, with gains exceeding 2% above the $3000 per ounce level. This movement has bolstered short-term bullish expectations for this safe asset. This movement was significantly supported by recent statements from the White House regarding the imposition of new additional tariffs, which fueled the ongoing global economic uncertainty, giving gold a renewed opportunity to recover. As this state of uncertainty continues, upward pressure on gold may become more urgent.
The gold market has maintained a steady upward trend in recent months, and since early 2025, this trend has intensified, breaking through the psychological barrier of $3000 per ounce. The recent upward push approached $3100, and despite the strength of the recent rally, it may lead to a technical pause. Currently, the upward pattern remains dominant on the chart.
Since the beginning of this new phase of trade tensions, gold has benefited from its role as a safe haven, attracting capital from investors seeking protection amid market deterioration. This trend has recently pushed the metal to a symbolic level of $3000 per ounce, a historic high.
Now, President Trump's statements, suggesting a 25% tariff on imported cars and auto parts, have fueled concerns about global economic growth. As a result, risky assets have come under pressure, while safe-haven assets like gold have seized this moment, maintaining strong buying momentum.
The White House indicated that April 2 is the preliminary date for the implementation of these tariffs. In the meantime, the European Union has announced that it is working on a strategy to delay the enforcement, while other affected countries are preparing retaliatory measures. If these measures are implemented, the situation could escalate into a full-blown trade war, far exceeding the current war of words. Such scenarios must be taken seriously, as they could raise greater fears in financial markets, boosting demand for gold.
As gold prices rose above $3080 due to tariffs and geopolitical uncertainty alongside impending tariff actions in April and fears of retaliatory trade moves, gold's appeal as a safe haven remains strongly supported by ongoing geopolitical tensions. The conflicts between the United States, Yemen, Russia, Ukraine, Israel, and Gaza continue to create an unstable backdrop.
Efforts for a ceasefire and peace talks have repeatedly made headlines, but they soon collapsed, leading to renewed violence and devastation, fueling the broader upward trend for gold. Silver is also nearing multi-decade highs, close to $35 per ounce, while gold is heading towards a price range between $3090 and $3100.
