Gold jumps on deepening trade war concerns after April 2 Trump announcement on tariffs
- AUGMONT BULLION DAILY REPORT
- Investors rushed to safe-haven assets, including gold, after U.S. President Donald Trump imposed higher-than-expected import tariffs, escalating already-heated global trade tensions, Augmont reported.
- Trump imposed a 10% duty on all imports to the US and increased tariffs on dozens of countries, including major trading partners, escalating fears over a possible trade war.
- Worries over a possible US recession and a slowing global economy are fuelling a rush for gold, which might propel the commodity even higher. Markets are now pricing in 85 to 90 basis points of cuts by the end of the year, up from 75 to 80 basis points on Wednesday.
Technical Triggers
- Until the Gold June contract sustains above $3145 (~Rs 91000), it is expected to continue its uptrend for the next psychological resistance of $3200 (~Rs 92000) and $3250(~Rs 93500).
- Silver is still trading in its range of $32 to $35. If prices sustain above $35, it can continue this uptrend, for the next target of $38 (Rs 110,000).
- (Courtesy of Augmont.)
