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Gold has hit a record high after Trump's extra tariff plan announced over the weekend
Key Takeaways (30s Read)
Gold has reached a historic high, fueled by Trump's new tariff plan announcement.
Gold prices surged to a historic high above US$4680 following Trump's announcement of additional tariffs amid the escalating conflict over Greenland. This jump in gold is driven by a strong safe-haven bid as the U.S. president imposed a 10% tariff effective February 1 on certain European countries, rising to 25% by June. The EU is now pursuing dual strategies: diplomatic outreach to the U.S. and preparation for retaliatory measures. The response includes revisiting previous countermeasures against U.S. imports, signaling potential volatility unless a resolution is reached. With the World Economic Forum approaching, where Trump is expected to speak, market participants will be keenly observing any developments related to trade policy, which could further influence gold's trajectory.
AI Analyst
AI Opinion
"Trump's announcement of new tariffs poses significant implications for the gold market, driving prices higher as the uncertainty heightens. Gold typically acts as a hedge against such uncertainties, and traders need to keep a close eye on market developments. The destabilization of trade relations with the EU may lead to increased volatility in the market. The future trajectory of gold prices will largely depend on the actions taken by the Trump administration and the EU's response. Investors should analyze the market carefully and manage risks effectively as these events unfold."
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