Gold Prices Reach Record High Ahead of Trump Tariff Announcement
Gold prices hit a record high as investors turn to the safe-haven asset ahead of Trump's planned announcement of tariffs. Analysts predict continued rise due to uncertainty around tariffs and geopolitical situations.
Key Points
- Gold prices hit all-time high of $3,148.88 per ounce
- Gold seen as hedge against geopolitical and economic uncertainties
- Goldman Sachs raises U.S. recession probability to 35%
- Analysts expect more rate cuts by the Federal Reserve
Pros
- Gold prices as a safe-haven asset in times of uncertainty
- Likelihood of continued increase in gold prices
- Potential for gold to rebound on announcement of tariffs
Cons
- Possibility of retracement in gold prices post-announcement
- Technical overbought indication with RSI above 70