Market Analysis for Today

Gold price rallied sharply and set a record high above $2,900 on Monday after the President of the United States (US), Donald Trump, enacted tariffs of 25% on base metals. Traders seeking safety pushed the non-yielding metal higher amid fears that Trump trade policies could derail the global economy and drive inflation higher.

The XAU/USD pair trades at $2,905 after hitting an all-time high of $2,911. On Sunday, Trump said that steel and aluminum imports into the US are set to be hit by 25% duties, including proceeds from Canada, the United Arab Emirates (UAE) and Mexico. This pushed Gold prices higher, with bulls finally clearing the $2,900 barrier and setting their sights on $3,000 a troy ounce.

Gold opened at around 2907 and rose to around 2921 at the highest and around 2907 at the lowest before press time.Pay attention to the resistance of 2930-2940-2950 If it fails to break through, it will test 2880-2870-2860