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

Inflation concerns are resurging in America after January’s core consumer price index jumped to a 5.5% annualized rate. This concerning development comes amid President Trump’s proposed tariff policies, which could further fuel price pressures. Former Treasury Secretary Larry Summers has raised alarm bells, comparing the current situation to the early Biden administration period when inflation reached its highest level in 40 years. While Federal Reserve Chair Jerome Powell’s announcements typically draw significant market attention, the focus has shifted to how Trump’s policies might impact price stability and monetary policy.

Goldfutures continue their remarkable winning streak, marking their eighth consecutive week of rising prices. During this run, gold has broken its all-time high record four weeks in a row, reaching levels never seen before. According to analyst Bob Iaccino, two main factors are driving this historic rally: a weaker U.S. dollar, which typically boosts gold prices, and increased safe-haven buying as investors look to protect their wealth from market risks. This is gold’s strongest performance since August 2020, highlighting growing investor confidence in the precious metal as a safe store of value.

China’s gold market started 2025 strongly, with significant price gains in both London and Shanghai markets despite fewer trading days due to Chinese New Year. While the People’s Bank of China added another 5 tonnes to its reserves in January, reaching 2,285 tonnes, Chinese gold ETFs saw their first outflow in months. The surge in gold prices has impacted jewelry demand, though investment demand remains robust amid geopolitical tensions and inflation concerns.