Last week, President Trump announced a 25% tariff on imported cars. This caused stock markets around the world to fall, increasing risk-averse sentiment. Additionally, last week’s U.S. consumer-related economic data showed weak results, leading to a drop in long-term U.S. interest rates. As a result, investors bought more gold, which is considered a safe asset that does not earn interest, pushing its price to a new record high.
On April 2, new tariffs on cars and other products will take effect. This may increase market risk, making it likely that gold will reach another record high.
This week, the release of U.S. economic data, such as the ISM report and the employment report, could cause gold prices to move unpredictably. However, in the long run, the gold price trend is expected to continue rising.
Gold/USD Forecast Range for This Week: 3,160 – 3,050
Note: The information above does not guarantee profits. Please make your own trading decisions carefully.