The U.S. government decided to extend tariffs on Canada and Mexico for one more month. This gave investors a sense of relief. However, China announced new tariffs against the U.S. in response. Because of this growing trade tariff battle, U.S. long-term interest rates went down.
Gold does not pay interest, but when interest rates fall, gold becomes more attractive to investors. As a result, more people bought gold.
Also, the U.S. stock market rebounded, with all three major indexes rising after a drop the previous day. This helped gold prices go even higher, reaching a new record high.
Gold prices have been making new all-time highs every day. Some investors are worried about high prices, but as long as the trade tariff battle continues, gold may keep rising.
Gold-Dollar Expected Price Range: 2830 – 2792
Note: This information does not guarantee profit. Please make your own decisions when trading.