Gold Extends Gains as Trump’s Tariff Plans Fuel Market Anxiety

Gold trades around $2,765 per ounce, extending its recovery as US tariff uncertainty increases safe-haven demand.

Trump announced tariffs on computer chips, pharmaceuticals, and steel, while the White House confirmed plans for Canada and Mexico tariffs on February 1, with China also under consideration.

Investors now await the Fed’s policy meeting, where rates are expected to remain unchanged. Higher rates typically weigh on gold, while markets also watch for the Fed’s response to Trump’s calls for rate cuts.

Technically, the first resistance level will be 2790 level. In case of this level’s breach, the next levels to watch would be 2800 and 2820 consequently. On the downside, 2730 will be the first support level. 2660 and 2630 are the next levels to monitor if the first support level is breached.