100 Days In: Trump’s ‘Strategic Uncertainty’ on Tariffs Leaves Markets Guessing

According to Société Générale’s FX analysts, gold’s recent rally has stalled below the key $3,500 mark, with a lower high forming at $3,435. Technical indicators show weakening momentum, with the daily MACD pulling back from multi-month highs and dipping below its trigger line. This suggests a temporary consolidation phase in gold’s uptrend. For the rally to resume, gold would need to break above $3,435, while near-term support levels are identified at $3,200 and $3,140.

Yantai, known as the “Hometown of Gold,” has been China’s top gold producer for 39 consecutive years, with its reserves accounting for one-quarter of China’s total. The city is home to 86 gold companies above a designated size, with major corporations like Shandong Gold Group and Shandong Zhaojin Group leading the industry. In 2013, Yantai’s gold output reached 146.5 tons, representing 36.3% of China’s total production. The gold sector has expanded beyond mining to include tourism, with attractions drawing 1.5 million visitors annually, and jewelry manufacturing, with Zhaoyuan county becoming a major base for gold processing with an annual capacity

Gold prices rose over 1% on Friday as the dollar weakened by 0.3%, bringing spot gold to $3,332.88 per ounce and contributing to a nearly 3% weekly gain. The precious metal, which has increased more than 27% since the beginning of the year, found support from ongoing geopolitical tensions—including escalating military conflicts between India and Pakistan and uncertainty surrounding U.S.-China trade relations. President Trump’s comment that 80% tariffs on Chinese goods “seems right” ahead of weekend trade talks added to market concerns. Despite the current rise, some analysts suggest gold might be entering a period of consolidation after its strong