New tariffs and geopolitical risks associated with Trump continue to drive gold prices higher. At the same time, plans are being made to impose retaliatory tariffs on other countries. These factors, combined with geopolitical risks, are supporting the continuous rise in gold prices.

Additionally, expectations that Trump’s protectionist trade policies will spur inflation further contribute to the trend. Meanwhile, speculation that the U.S. Federal Reserve (Fed) will maintain interest rates despite a cooling U.S. labor market adds to the market dynamics.

Source: Fxstreet