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3 June 2025,07:18

Daily Market Analysis

Gold Rises as Trade Policy Uncertainty Revives Safe-Haven Demand

3 June 2025, 07:18

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Key Takeaways:

*Ukraine attacked Russia before the peace talks on Monday, heightened geopolitical tension.

*Trump is said to raise tariffs on imported Steel and Aluminium, sparking market uncertainties.

*The softening of the dollar’s strength is bolstering gold prices.

Gold prices gained momentum at the start of the week as investors sought safe-haven assets amid growing market uncertainties. The escalation of geopolitical tensions in Eastern Europe prompted initial risk aversion, following Ukraine’s large-scale drone attacks on Russian infrastructure. These strikes targeted critical bridges and rail lines, causing train derailments and casualties, while attacks on Russia’s nuclear-capable bombers further heightened tensions ahead of scheduled peace talks in Istanbul on Monday.

Market sentiment faced additional pressure as former President Trump’s proposal to double steel and aluminum import tariffs reignited trade policy concerns. This dual uncertainty from both geopolitical and trade fronts has driven increased demand for gold as a protective asset. The precious metal received an additional boost from the weakening U.S. dollar, which has been under pressure in recent sessions, further supporting gold’s appeal to investors seeking stability.

The combination of these factors – escalating geopolitical risks, renewed trade tensions, and a softer dollar – has created a favorable environment for gold prices to appreciate as market participants adjust their portfolios in response to the evolving risk landscape.

TecTechnical Analysis:

GOLD, H4

Gold prices have been trading in a relatively tight range recently, but the emergence of a higher-low pattern indicates underlying bullish momentum as the precious metal approaches its previous resistance level around $2,315 per ounce. A convincing breakout above this key technical level would likely confirm a bullish trend reversal and potentially trigger further upside movement.

The momentum indicators currently present a mixed picture. The Relative Strength Index has been hovering near the neutral 50 level, suggesting a balance between buying and selling pressure. Meanwhile, the Moving Average Convergence Divergence indicator has been moving sideways along the zero line, reflecting the market’s current indecision about gold’s near-term direction.

While these technical indicators haven’t yet shown strong directional signals, the constructive price action forming higher lows near an important resistance level suggests growing potential for an upward breakout.

Resistance Levels: 3363.00, 3421.00

Support Levels: 3276.00, 3222.00

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