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Gold prices have surged back above $2,900 as global financial markets react to both technical and emotional factors following the implementation of Trump’s tariffs. Market sentiment suggests that US economic exceptionalism may be waning, with capital potentially flowing from overpriced US stocks to other regions—particularly Europe, which appears poised for significant fiscal expansion.
Recent economic reports have been disappointing, revealing a sharp deterioration in US economic data. This has increased concerns about stagflation—a problematic economic period characterized by lower growth, rising unemployment, and persistent inflation. Forward indicators suggest these conditions could materialize in coming months, creating an environment that traditionally supports gold prices.
The precious metal’s resilience is notable, with recent corrections failing to breach key support levels. This limited selling depth signals robust demand despite pressure from technical traders. Multiple factors continue to support gold: its role as a safe haven during geopolitical tensions, ongoing central bank purchases, and growing concerns about fiscal debt.
