Gold prices soared to record highs as global trade tensions escalated following President Trump's 25% tariffs on steel and aluminum imports. This situation raised concerns about slower economic growth, prompting investors to flock to safe havens such as gold and the U.S. dollar. The Canadian dollar may face pressure due to this risk-averse behavior. Upcoming economic indicators, particularly Federal Reserve Chair Powell's testimony and inflation data, are anticipated to influence gold prices significantly in the near term, presenting a complex landscape for investors.
Gold prices hit record highs as traders seek safety amid rising trade tensions stemming from US tariffs on steel and aluminum, impacting global economic sentiments.
The Federal Reserve Chair Powell's upcoming testimony is pivotal; a hawkish tone could neutralize gold's upward trend, while dovish remarks could enhance gold's allure.
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