Abstract:Trump comments on the Russia-Ukraine war, gold rises again to reach a new all-time high.
Recently, Trump posted on social media, stating, “Zelensky convinced the US to invest $350 billion into a war that was unnecessary and impossible to win... The US has spent $2 trillion more than Europe, while Europe's funding is secured, and the US has gained nothing.”
The market's increasing anxiety over the trade war risks has once again driven gold prices higher. From a technical perspective, the upward momentum for gold remains strong. Investors should watch for support levels at $2924 and $2915, while the historical high of $2942 serves as the key resistance level. If gold breaks above and stays above this level, further upward movement could push the price toward $2975.
On Wednesday, gold prices broke through historical records and reached new highs. This surge was driven by President Trump's renewed threats of tariffs, which raised concerns about the escalation of the trade war and sparked risk-off sentiment, increasing demand for gold. Trump had publicly stated plans to impose tariffs on Canada, Mexico, and China. Although he delayed tariffs on Canada and Mexico, measures against China quickly prompted a response, with China announcing tariffs on US goods. Later, Trump stated he would impose a 25% tariff on imported steel, aluminum, and automobiles, as well as similar tariffs on semiconductors and pharmaceuticals.
In summary, Trump's latest tariff threats have driven market risk-off sentiment, leading capital to flow into gold, which in turn has propelled gold prices to new all-time highs. Moving forward, investors should closely monitor Trump's statements on tariff policies, as these will directly affect the direction of the gold market.
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Recently, the gold market has experienced significant volatility, with spot gold prices falling sharply.
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