Gold prices jumped to $3343.10/oz as safe-haven demand surged due to Trump launching an investigation into tariffs on rare-earth imports, escalating trade tensions with China and weakening the US dollar.
Technical indicators suggest gold is overbought, making pullbacks below $3200 reasonable, though the trend remains bullish unless geopolitical tensions de-escalate significantly.
Key resistance levels are seen at $3400 and $3500, but potential exemptions on tech products from tariffs could cause short-term pressure on gold prices.
Silver climbed 1.36% to $32.762/oz, supported by safe-haven flows and Fed Chair Powell’s comments emphasizing inflation risks and reducing hopes of near-term rate cuts.
