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GOLD: Gold Reaches New Highs with $3,000 in Sight 

GOLD
Metals bulletBulletMarketsFixed Income BulletsForeign Exchange BulletsCommodities
  • Gold touched new all time highs overnight as headlines on potential tariffs on steel and aluminum shook investor confidence.
  • Gold’s rise was steady and consistent throughout the day reaching a new high of $2,911.72, before closing at $2,908.22.
  • Gold’s ‘safe-haven’ status ensures that in periods where the unpredictability of President Trump’s comments or threats on tariffs spooks markets, gold climbs.
  • Evolving news out of China could have material impact for gold as a pilot program for insurance funds is being launched that allows diversification of their asset allocation into gold; with estimates ranging of US$25 to $30 billion could be allocated to the scheme.
  • Gold’s appeal is having far reaching impacts globally with South African listed goldminers jumping 2.3% on Monday, following Trump headlines on tariffs.
  • Given Gold is impacted by interest rate movements, the day ahead sees the Federal Reserve Chairman Jerome Powell’s semi-annual testimony to lawmakers where market observers will pore over every  word for hints as to the direction of interest rates. 
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  • Gold touched new all time highs overnight as headlines on potential tariffs on steel and aluminum shook investor confidence.
  • Gold’s rise was steady and consistent throughout the day reaching a new high of $2,911.72, before closing at $2,908.22.
  • Gold’s ‘safe-haven’ status ensures that in periods where the unpredictability of President Trump’s comments or threats on tariffs spooks markets, gold climbs.
  • Evolving news out of China could have material impact for gold as a pilot program for insurance funds is being launched that allows diversification of their asset allocation into gold; with estimates ranging of US$25 to $30 billion could be allocated to the scheme.
  • Gold’s appeal is having far reaching impacts globally with South African listed goldminers jumping 2.3% on Monday, following Trump headlines on tariffs.
  • Given Gold is impacted by interest rate movements, the day ahead sees the Federal Reserve Chairman Jerome Powell’s semi-annual testimony to lawmakers where market observers will pore over every  word for hints as to the direction of interest rates.