Gold prices hit all-time high as Trump proposes new tariff. It hits a high of $2911 and currently trading around $2898.
Record Highs for Gold Prices Amid Tariff Fears
Gold prices have been rising sharply, hitting record highs amid concerns over President Trump's new tariffs, which may lead to a global trade war. Recently, spot gold reached $2,868.66 per ounce and U.S. gold futures rose to $2,894. In India, gold prices hit an all-time high of Rs 88,500 per 10 grams. Investors are seeking gold as a safe investment due to fears of rising inflation and economic uncertainty. Experts predict gold could rise to as high as $2,910 shortly. The trade tensions are causing increased buying of gold and other precious metals.
Rate Pause Sentiments Climb
According to the CME Fed Watch tool, the chances of a rate pause in the Mar 19th 2025 meeting have increased to 91.5% up from 86% a week ago.
Technical Analysis: Key Levels and Trading Strategy
Gold prices are holding above short-term moving averages 34 EMA and 55 EMA and long-term moving averages (200 EMA) in the 4-hour chart. Immediate support is at $2875 and a break below this level will drag the yellow metal to $2850/$2830/$2800/$2770/$2740. The near-term resistance is at $2920, with potential price targets at $2957/$3000.
It is good to buy on dips around $2850 with a stop-loss at $2830 for a target price of $2955.