Spot Gold Hits Record High of $3,477 – Trade Tensions and Fed Uncertainty Drive Safe Haven Demand
Spot Gold surged over 3% on Tuesday, hitting a record high of $3,477 per ounce, driven by rising U.S.-China trade tensions and concerns over President Trump's plans to overhaul the Federal Reserve.
The rally, fuelled by escalating geopolitical risks, strong central bank demand, and inflation fears, marks consecutive record highs in the past three sessions.
Trump's criticism of Fed Chair Jerome Powell and his call for immediate rate cuts added to market unease, while Powell’s stance against rate cuts due to inflation risks kept the US dollar weak.
The US Dollar Index fell to a three-year low at 98.20.
Technically, gold’s RSI remains bullish, and the MACD continues to support the upward trend.
The key target for gold is $3,500-20, although potential pullbacks could offer entry opportunities for traders should safe-haven demand persist.
Daily Chart Spot Gold
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