Gold prices rose from the Tokyo market to the European market, partly recovering from the previous day’s drop.
In the New York session, U.S. economic reports, such as the Consumer Confidence Index and Richmond Manufacturing Index, were weaker than expected. This caused U.S. long-term interest rates to fall. Since gold does not pay interest, lower interest rates made gold more attractive, pushing prices higher. Gold broke above the previous day’s high and reached $3,035.
Later, some investors sold gold to take profits, but prices remained strong.
Due to uncertainty about Trump’s tariffs, gold is expected to stay strong until April 2, when the tariffs are set to take effect.
Expected Gold Price Range: $3,035 – $3,000
Note: The above information does not guarantee profit. Please make your own trading decisions.