Gold Soars Past $3,300! Trump’s Policies Ignite Market Safe-Haven Frenzy
On Tuesday (May 6), in the early Asian market, spot gold held steady around $3,330 per ounce, continuing the strong upward trend from the previous trading day. Driven by a weak dollar and a surge in safe-haven sentiment, gold prices skyrocketed nearly 3% on Monday, reaching a near one-week high, ultimately closing at $3,333.73 per ounce, nearly $100 higher than last Friday's close. Investors are closely monitoring the upcoming Federal Reserve policy announcement for guidance on the next steps.
The dollar index fell 0.2% on Monday, further enhancing gold's appeal. Concerns about the latest tariff policies from the Trump administration continue to escalate, especially after he announced on Sunday plans to impose a 100% tariff on foreign films, reigniting global trade tensions and leading a significant influx of safe-haven funds into the gold market.
As trade uncertainties grow, gold's safe-haven properties are fully activated. Will this policy risk-driven rally continue? The Federal Reserve's every move may be crucial.
