Gold prices have surged to unprecedented levels, reaching nearly $2,900 as investors seek refuge from escalating trade tensions and inflationary pressures. The precious metal continues to attract safe-haven buying, with a strong upmove from $2,850 leading to a sharp rally. Meanwhile, Dogecoin trades down around $0.24, having fallen more than 7% in the previous week. The markets remain volatile as they adjust to Donald Trump's second term in office and his recent tariff threats.
The gold market remains robust, trading in uncharted territory after refreshing a record high just shy of $2,900. Analysts suggest that immediate support is seen at the $2,875-$2,870 range, while a 4-hourly close below $2,880 would indicate the first sign of a retracement. In contrast, Dogecoin faces bearish sentiment, with a short-term pullback from its resistance zone not ruled out.
Global currency markets also reflect this uncertainty. GBP/USD is on the back foot, hovering near 1.2400 in the early European session on Monday. Similarly, EUR/USD remains in the red above 1.0300 despite being off its lows during the European morning session. The US Dollar strengthens amid Trump's fresh tariff threats and mounting fears of a global trade war.
The ongoing geopolitical tensions and economic uncertainties have driven investors to seek safety in gold. This trend is further fueled by concerns over Trump's trade tariffs and the potential for an inflationary spiral. As these issues persist, gold's appeal as a safe-haven asset is likely to endure.