This is a classic case of gold benefiting from its safe-haven appeal. We’re seeing a confluence of factors that are driving investors towards the yellow metal:

• Geopolitical Risks: The escalating trade tensions initiated by President Trump, with new tariffs targeting various sectors, are creating significant uncertainty in the global economy. This is compounded by the potential for decreased US involvement in the Russia-Ukraine conflict, adding another layer of geopolitical instability.
• Economic Uncertainty: The trade war raises concerns about global economic growth, potentially leading to a slowdown. In such environments, investors often seek refuge in gold, which is seen as a store of value.
• Strong Demand: The Swiss customs data showing increased gold exports, particularly to the US, provides tangible evidence of this flight to safety. This reinforces the narrative of investors seeking to protect their assets.

Overall: The combination of these factors paints a bullish picture for gold. As long as global uncertainties persist, we can expect gold to remain in high demand, potentially pushing prices even higher.