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

Gold eased slightly from Monday’s all-time high of $2,956.19 as investors took profits, though prices remain supported by changing Federal Reserve rate cut expectations and rising haven demand. Increasing concerns about the US economy have dramatically shifted rate cut expectations, with markets now pricing in a quarter-point Fed cut in July—two months earlier than anticipated just last week. This monetary policy outlook benefits non-yielding assets like gold. Geopolitical tensions are adding significant support, as President Trump has implemented a series of measures targeting China that could deteriorate relations between the world’s two largest economies, while also increasing pressure on Iran.

Gold has maintained its bullish momentum throughout early 2025, marking eight straight weeks of gains—the strongest streak since 2020’s nine-week rally. After reaching a new all-time high near $2,956, the metal faced selling pressure but remains firmly in bull territory. Market analysts believe the $3,000 psychological barrier will likely be tested soon, though it may struggle to maintain that level initially. This impressive rally coincides with a weaker US dollar and persistent risk aversion stemming from uncertainty around US trade and tariff policies, particularly regarding Canada and Mexico. Investors are also closely monitoring upcoming economic indicators, including the Q4 2024

The Global Precious Metals Index surged 7.36% last month as metals reacted differently to changing economic conditions. Gold stole the spotlight by reaching a record high of $2,942.70 per ounce before pulling back in mid-February. Analysts attribute this historic performance to economic uncertainty, geopolitical tensions, and aggressive central bank purchases, with expectations for continued growth throughout 2025. Silver has also impressed investors, rising to $32.80 per ounce by mid-February—its highest point since December 2024. The metal’s dual appeal as both an industrial material and safe-haven asset has boosted investor interest. Platinum prices have remained steady despite a strong dollar, with