Gold Near Peak Level Despite Fed Hawkishness

Gold prices remained near a record high above $2,900 per ounce, as investors turned to trusted assets with rising trade tensions and economic uncertainty. The White House announced that Trump’s reciprocal tariffs could be introduced as early as Thursday, following his 25% tariff on steel and aluminum imports. These add to existing tariffs, including 10% on Chinese goods and 25% on Canadian and Mexican imports, though the latter are paused. Meanwhile, U.S. inflation data exceeded expectations, reinforcing the Fed’s cautious stance on rate cuts and weighing on gold’s appeal.

Technically, resistance stands at 2,949, with further levels at 2,975 and 3,000. Support is at 2,885, followed by 2,830 and 2,760 if declines continue.