Gold (XAU/USD) prices were boosted by safe-haven inflows and surged above key technical resistance after US President Donald Trump confirmed that he intends to impose 25% tariffs on Canada and Mexico as early as February, as well as tariffs on Silver and Gold. China is not included in the direct levies, Bloomberg reported.
The possibility of Trump imposing tariffs on Silver and Gold has caused market uncertainty, pushing premiums for futures contracts higher. President Trump's domestic agenda is the second major driver, which could extend Gold's bullish momentum further and boost demand for haven assets.
Meanwhile, Treasury yields plunged as low as 4.527% in Asian trade on Tuesday after being closed on Monday for Martin Luther King Day.
Source: FXStreet
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