Gold prices rose sharply on Friday, gaining over 1.5% to reach $3,350 per ounce as investors moved toward safe-haven assets. This increase follows President Trump's announcement of new 50% tariffs on EU imports starting June 1, along with threats to impose 25% tariffs on Apple unless it relocates iPhone production to the U.S.
The rally in gold reflects growing market uncertainty due to several factors. Trade war concerns have intensified as negotiations stall and new tariffs take effect. Additionally, worries about the U.S. fiscal outlook have grown, with Trump's proposed tax bill potentially adding $3 trillion to the national deficit over the next ten years. ( Source: Trading Economics )
MY THOUGHTS?
For crypto markets, this situation presents mixed signals. While short-term pressure is possible as investors flock to traditional safe havens like gold, market dips could create buying opportunities for major cryptocurrencies such as $BTC , $ETH , and $XRP .
For those already holding strong crypto assets, patience may be key. For others, the current volatility could offer a strategic entry point!
