TechFlow news — On March 4, according to Jinshi News,避险 demand drove gold prices to extend gains on Tuesday amid trade tensions triggered by U.S. President Trump imposing new tariffs on major trading partners. Spot gold rose over 1% to surpass $2,920 per ounce, marking its second consecutive day of gains and accumulating a year-to-date increase of more than 11%.
Adrian Ash, research director at online market BullionVault, said: "As Trump 2.0 delivers the very chaos he promised during the U.S. election campaign, Western investors are joining emerging market central banks in buying gold as an all-weather hedge." Market traders are now awaiting Wednesday's ADP employment report and Friday's U.S. nonfarm payrolls data for clues on the Federal Reserve's future interest rate policy path.
UBS analyst Giovanni Staunovo noted: "Any signs of a slowdown in the U.S. economy would support calls for further Fed rate cuts and underpin gold prices. We continue to expect gold to retest highs in the coming weeks."
