Gold is poised for a new all-time high with US Retail Sales data on the horizon.

Gold Price Nears All-Time High as US Tariffs Fuel Safe-Haven Demand

Gold (XAU/USD) continues its upward momentum, approaching the $2,935 mark as of Friday, setting the stage for a potential all-time high and strong gains by the end of the week. This latest surge comes after US President Donald Trump signed an executive order imposing reciprocal tariffs on Thursday. While it may take weeks before these tariffs are fully implemented, investors are already seeking refuge in gold, viewing it as a safe haven amid rising uncertainty.

Adding to gold’s rally is the weakness of the US Dollar (USD) and the US Dollar Index (DXY), which have both been struggling. The Greenback’s decline is attributed to the delayed implementation of the tariffs, which creates room for ongoing negotiations and reduces the immediate pressure on the market. This shift in market dynamics has created an opportunity for gold to strengthen as investors look for stability in uncertain times.

As gold’s price continues to rise, it is clear that the combination of geopolitical uncertainty and a weakening US Dollar is providing the perfect conditions for gold to shine as a preferred investment.