Gold prices rose in early Monday trading, reaching a February high and approaching $5,200. The precious metal is being supported by increased safe-haven demand after the US Supreme Court ruled against the administration’s arbitrary imposition of tariffs on imports, followed by the White House’s decision to introduce a 15% global levy. This development is generating uncertainty and could disrupt global supply chains, adding to lingering concerns over the global economic outlook. At the same time, talks between Russia and Ukraine failed to deliver any progress, while the prospect of a large-scale conflict between the US and Iran remains, keeping geopolitical tensions elevated and further enhancing gold’s safe-haven appeal. Against this backdrop, combined with US dollar weakness following encouraging US inflation data released on Friday, there may be scope for further upside in gold prices.
Ricardo Evangelista, ActivTrades
Source: ActivTrader
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