Gold holds steady near its record high as markets await the announcement of new US tariffs

Gold prices remain strong, holding above $3100 for the second consecutive day after reaching a new all-time high of $3149 on Tuesday.

Persistent safe-haven demand, fueled by heightened economic and geopolitical uncertainties, continues to drive gold upward. The metal has surged over $400 since President Trump took office.

March ended with gold posting a gain of more than 9%, marking its strongest monthly increase since August 2011, while the first quarter of the year saw an 18% rise.

Market focus is now on President Trump’s expected announcement of reciprocal tariffs at 20:00 GMT today, which is anticipated to provide a strong directional signal.

If Trump follows through on his recent promises and enforces a full package of new tariffs on multiple countries, gold could extend its rally. A break above key resistance at $3149/$3157 could open the door for further gains toward $3171 and $3200, with stronger upside potential if markets anticipate severe consequences from an escalating trade war.

Additional support for gold may come from deteriorating conditions in Ukraine amid failed peace talks, as well as weakening economic indicators in the US and EU.

Conversely, a softer tariff stance from Trump could ease bullish momentum and trigger some price corrections. However, any dip is likely to be limited, as overall sentiment remains firmly bullish, with multiple factors sustaining safe-haven demand.

Key support levels include the $3100 mark, the rising 10-day moving average at $3062, and the 38.2% Fibonacci retracement at $3028. The $3000 psychological level, which has become a higher base, is expected to act as a strong floor and maintain gold’s broader uptrend.

Res: 3149; 3157; 3177; 3200
Sup: 3108; 3100; 3062; 3028