Gold prices skyrocketed to $3,100 on Monday morning, their highest level ever. Investors are turning to this non-productive asset, an historical store of value, for safety during this uncertain market environment. The bullish trend shows no signs of slowing, driven by market uncertainty surrounding US President Donald Trump’s anticipated tariff plans on ‘Liberation Day,’ scheduled for April 2. With traders preparing for the fallout from potential new tariffs, the allure of gold as a safe-haven asset is as strong as ever.
Having already confirmed an ascending triangle target of $3,080 last Friday, gold’s bullish movement is all but solidified. Issuers beware, technical analysts are calling for a sell-off. Most traders will look to profit from the current rally before President Trump announces the forthcoming tariff in the coming days. That would curtail any additional overall market share growth.
“Advisers have considered imposing global tariffs of up to 20% that would hit virtually all US trading partners,” – The Wall Street Journal (WSJ)
The gold market is booming amid an incredible geopolitical crisis. Investors are rushing into gold, attracted by gold’s allure as a non-yielding asset. In trading Monday morning in Asia, gold was skyrocketing to a record high, well above the remarkable $3,100 level. This increase underscores gold’s status as the world’s most iconic safe-haven asset.
Smart traders will take the chance to cash in on the rally before Wednesday’s anticipated tariff announcements. This would limit any additional upside potential for gold prices, even after their impressive run. Nonetheless, the current economic climate and speculative environment surrounding President Trump’s trade policies have firmly positioned gold as a reliable store of value.