Gold price soars nearly 2% as Trump targets EU with tariff threats

출처 Fxstreet
  • XAU/USD rallies as Trump warns of 50% tariffs on EU imports, escalating trade war and boosting safe-haven demand.
  • The US House passes a $4 trillion debt-heavy budget, with the Senate vote and inflation data in focus.
  • Talks on Ukraine and Iran ease geopolitical stress, but markets remain risk-averse.

Gold's price uptrend resumed on Friday, with the yellow metal rising close to 2% daily and 5% in the week, as the US Dollar (USD) weakened further after US President Donald Trump escalated the ‘trade war’ with the European Union (EU). This and investors' woes regarding the US fiscal stance propel bullion prices higher, with XAU/USD trading at $3,359 after bouncing off a daily low of $3,287.

Before Wall Street opened, Trump said that discussions with the EU “are going nowhere” while threatening to impose 50% tariffs on the EU’s imports on June 1. US Treasury Secretary Scott Bessent also commented, “The president believes that the EU proposals have not been of the same quality that we’ve seen from our other important trading partners.”

Meanwhile, Bullion was boosted by the passage of Trump’s ‘One Big Beautiful Bill’ at the US House of Representatives, which would add close to $4 trillion to the US debt ceiling. The bill will next be passed to the Senate for its approval.

In the geopolitical front, the Russian Foreign Minister said the work on the memorandum leading to a ceasefire in Ukraine is advanced. Meanwhile,the US and Iran concluded on Friday a fifth round of negotiations in Rome over Tehran’s advancing nuclear program.

Data-wise, US housing data in May was mixed as Building Permits collapsed, but New Home Sales improved in April. In the meantime, a flurry of Fed speakers, led by St. Louis Fed Alberto Musalem and Chicago's Fed Austan Goolsbee, crossed the news wires.

Next week, the US economic docket will feature Durable Goods Orders, the release of the Fed’s last meeting minutes, the second estimate of GDP, and the Fed’s preferred inflation gauge, the Core Personal Consumption Expenditures (PCE) Price Index.

Gold daily market movers: Skyrockets amid risk-aversion spurred by Trump’s comments

  • US Treasury bond yields halted their advance, with the 10-year Treasury note yield falling almost three basis points (bps) to 4.505%. Meanwhile, US real yields are also down 2.4 bps to 2.165%.
  • Gold price outlook is optimistic, given the fragile market mood toward US assets sparked by the growing fiscal deficit in the United States, which ignited Moody’s downgrade of US government debt from AAA to AA1.
  • The fiscal package approved by the US lower house is projected to raise the debt ceiling by $4 trillion.
  • The US Dollar Index (DXY), which tracks the buck’s value against a basket of six currencies, sinks over 0.66%, down at 99.24, a tailwind for the Dollar-denominated precious metal.
  • US Building Permits in April dipped from 1.481 million to 1.422 million for a loss of 4% MoM. Contrarily, New Home Sales for the same period increased by 10.9% MoM from 0.67 million to 0.743 million, revealed the US Census Bureau.
  • St. Louis Fed Musalem said that companies are struggling to figure out how to manage uncertainty about supply chains, inventory and inflation. Meanwhile, Chicago's Fed Goolsbee said the Fed needs to wait for the dust to clear, the bar for action is higher until it happens.
  • Money markets suggest that traders are pricing in 49.5 basis points of easing toward the end of the year, according to Prime Market Terminal data.

XAU/USD technical outlook: Jumps above $3,350 as uptrend resumes

Gold price extended its gains, poised to test the $3,400 figure in the near term. Bullish momentum remains strong, as depicted by the Relative Strength Index (RSI), which aims upwards with enough room before turning overbought.

That said, XAU/USD's first resistance is $3,400, the May 7 swing high at $3,438, followed by $3,450 and the all-time high (ATH) at $3,500.

On the bearish side, if Gold drops below $3,300, expect a move to the May 20 daily low of $3,204, ahead of the 50-day Simple Moving Average (SMA) at $3,199.

Gold FAQs

Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.

Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.

Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.

The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.

면책 조항: 정보 제공 목적으로만 사용됩니다. 과거 성과가 미래 결과를 보장하지 않습니다.
placeholder
리플 가격 전망: XRP 하락 속 거래소 유입 급증, 다음은?리플(XRP)은 비트코인(BTC)과 이더리움(ETH)을 포함한 주요 디지털 자산들과 함께 하락세를 보였으며, 수요일 작성 시점에서 $2.08에 거래되었습니다. 이번 하락은 암호화폐 시장 전반에 영향을 미쳐, 전체 시가총액이 3.2% 감소한 $2.736조를 기록했습니다.
저자  FXStreet
4 월 16 일 수요일
리플(XRP)은 비트코인(BTC)과 이더리움(ETH)을 포함한 주요 디지털 자산들과 함께 하락세를 보였으며, 수요일 작성 시점에서 $2.08에 거래되었습니다. 이번 하락은 암호화폐 시장 전반에 영향을 미쳐, 전체 시가총액이 3.2% 감소한 $2.736조를 기록했습니다.
placeholder
이더리움 가격 전망: 거래소 유입 증가 속 ETH, 주요 저항선 시험금요일, 이더리움(ETH)은 2,500달러 아래에서 거래되고 있으며, 트럼프와 머스크 간의 충돌 이후 투자자들이 암호화폐 거래소에서 총 11만7,000개 규모의 ETH를 순매도한 것으로 나타났다.
저자  FXStreet
6 월 09 일 월요일
금요일, 이더리움(ETH)은 2,500달러 아래에서 거래되고 있으며, 트럼프와 머스크 간의 충돌 이후 투자자들이 암호화폐 거래소에서 총 11만7,000개 규모의 ETH를 순매도한 것으로 나타났다.
placeholder
오늘의 주요 암호화폐 상승 종목: ARB·PYTH 두 자릿수 급등… IMX도 강세 추세비트코인(BTC)이 10만 8천 달러 상단을 유지하며 사상 최고가 돌파를 노리는 가운데, 암호화폐 시장 전반의 반등세가 본격화되고 있다. 지난 24시간 기준 아비트럼(ARB), 피스 네트워크(PYTH), 이뮤터블(IMX)이 상승 흐름을 주도하고 있다.
저자  FXStreet
6 월 30 일 월요일
비트코인(BTC)이 10만 8천 달러 상단을 유지하며 사상 최고가 돌파를 노리는 가운데, 암호화폐 시장 전반의 반등세가 본격화되고 있다. 지난 24시간 기준 아비트럼(ARB), 피스 네트워크(PYTH), 이뮤터블(IMX)이 상승 흐름을 주도하고 있다.
placeholder
XRP·SOL·LTC 현물 ETF 승인 가능성 95%로 급등…미 SEC의 GDLC 결정 앞두고 기대감 고조리플(XRP), 솔라나(SOL), 라이트코인(LTC) 등을 중심으로 현물 암호화폐 ETF 승인 가능성이 95%에 달한 것으로 나타났다.
저자  FXStreet
19 시간 전
리플(XRP), 솔라나(SOL), 라이트코인(LTC) 등을 중심으로 현물 암호화폐 ETF 승인 가능성이 95%에 달한 것으로 나타났다.
placeholder
비트코인, 거래소 보유량 6년 최저에도 10만7천달러 하회비트코인(BTC)은 화요일 기준 10만7천달러 아래로 하락하며, 전날에 이어 완만한 조정을 이어가고 있다. 그러나 가격 하락에도 불구하고 기관 수요는 여전히 강세를 보이고 있으며, 스트래티지(Strategy), 블록체인 그룹(Blockchain Group), 메타플래닛(Metaplanet) 등 주요 기업들은 자산 보유고에 BTC 비중을 확대하고 있다.
저자  FXStreet
16 시간 전
비트코인(BTC)은 화요일 기준 10만7천달러 아래로 하락하며, 전날에 이어 완만한 조정을 이어가고 있다. 그러나 가격 하락에도 불구하고 기관 수요는 여전히 강세를 보이고 있으며, 스트래티지(Strategy), 블록체인 그룹(Blockchain Group), 메타플래닛(Metaplanet) 등 주요 기업들은 자산 보유고에 BTC 비중을 확대하고 있다.
goTop
quote