At the opening of the first trading session of the week this morning, gold prices surged and set a new ATH at 4,690 USD/ounce.
The reason for this sudden spike was that Donald Trump threatened to impose tariffs on Greenland, and the U.S. Supreme Court is unlikely to overturn Trump’s tariffs, while the EU was reported to be planning a retaliatory tariff package against the United States worth more than 93 billion euros.
However, there was later corrective information stating that the EU does not have a plan to retaliate with tariffs, but is instead seeking negotiation channels with the United States. This development immediately put selling pressure on gold, causing prices to drop by about 30 USD.
Despite this clarification, there remains a possibility that this could act as a catalyst for the return of tariff conflicts, providing strong short-term support for gold prices.
Therefore, in the short to medium term, gold prices are likely to reach the 4,700–4,800 USD/ounce range before the Lunar New Year.
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