President Trump announced that he will place a 25% tariff on goods from Japan and South Korea starting August 1. Because of this news, market uncertainty increased, U.S. long-term interest rates went up, and the U.S. dollar became stronger. As a result, the price of gold dropped below $3,300 for a short time. However, many investors bought gold at the lower price, so it went back up to around $3,340 by the end of the day.
At the same time, China increased its gold reserves for the 8th month in a row. Other major central banks are also buying more gold. This makes experts think that gold prices will stay strong in the mid to long term.
Expected gold price range: $3,320 – $3,350
Note: This information does not guarantee profit. Please make your own decisions when trading.