Trump's new tariffs are coming, will gold soar?

✏Hello everyone, let's comment on the gold price next week (July 7, 2025-July 11, 2025)

. ⭐️Gold Information:

This week, the spot gold price showed a trend of rising first and then falling. From Monday to Wednesday, driven by safe-haven demand and the weakness of the US dollar, the gold price recorded three consecutive increases, climbing rapidly from US$3,271/ounce to the intraday high of US$3,365/ounce on Wednesday afternoon, showing strong upward momentum. However, on Thursday, before the release of the June non-farm payrolls data, market sentiment turned, and the gold price plummeted to US$3,312/ounce, the largest single-day drop in the week. On Friday, affected by the light trading during the US Independence Day holiday, the gold price fluctuated between US$3,330 and US$3,355/ounce, closing at around US$3,337/ounce, up about 1.91% for the week.

U.S. President Donald Trump announced that the U.S. will begin sending formal letters to trading partners on Friday, ahead of a July 9 deadline, outlining new tariffs ranging from 10% to 70%, which will take effect on August 1. Treasury Secretary Scott Bessant added that a series of trade agreements are expected before the deadline, with an estimated 100 countries facing reciprocal tariffs of at least 10%. He also hinted that some agreements will be announced soon.

⭐️Labaron personal comment:

Gold prices continue to consolidate sideways, fluctuating in the 3242-3450 range

The following important key areas have been identified:

Resistance: $3362, $3393, $3446
Support: $3312, $3279, $3241