Gold Prices Hover Near Record Highs Ahead of Trump’s Tariff Announcement

As shown on the XAU/USD chart today, gold prices are fluctuating near their all-time high, set when the price of an ounce surpassed $3,140 for the first time in history.

Gold has risen by approximately 19% in the first three months of 2025.

Why Is Gold Rising?

On 2 April, traders' sentiment is driving gold prices higher in anticipation of US President Trump’s tariff announcements, expected later this evening.

This event enhances gold’s appeal as a safe-haven asset, as concerns grow that Trump’s aggressive trade policies could slow global economic growth and fuel inflation.

Additionally, media reports highlight strong demand for gold from central banks, while exchange-traded funds linked to the precious metal are seeing capital inflows from investors concerned about geopolitical uncertainty.

Technical Analysis of XAU/USD

Gold price movements have formed two ascending channels in 2025: a broader blue channel and a steeper purple channel.

Notably, gold is currently trading near the midpoints of both channels, indicating that supply and demand may have reached equilibrium after buyers broke through resistance around $3,088 (marked by an arrow).

It is likely that XAU/USD will exhibit low volatility until news about Trump’s tariffs emerges. This could trigger sharp price movements, with a potential test of the purple channel’s boundaries in the near future.

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