Gold Outlook: Investors await US tariff headlines, NFP

Gold Outlook: Investors await US tariff headlines, NFP

Gold investors: The Institute for Supply Management (ISM) Manufacturing PMI and JOLTS Job Openings data will be featured in the US economic calendar on Tuesday. Investors are likely to ignore these releases and refrain from taking large positions before the Trump administration shares the details about reciprocal tariffs on Wednesday.

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Gold hedging position strengthened due to inflation fears

Trump’s tariff plans and their potential economic fallout are driving gold’s strength as a safe-haven asset, with prices reaching record highs. Market uncertainty fueled by steel, aluminum, and Chinese import tariffs, coupled with declining US consumer sentiment and rising inflation expectations, has bolstered gold’s appeal.

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Spot Gold Forecast [07-02-2025]

Spot Gold Forecast [07-02-2025]

Spot Gold 1st Hurdle can be seen at $2,892 (upper boundary of the ascending channel, all-time high) before $2,900 (round level). If gold manages to stabilize above $2,900 and confirms that level as support, then $3,000+++ (psychological level) can be seen as the next Hurdle.

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