Gold prices soared to an unprecedented high, with XAU/USD reaching nearly $4,675 during the early Asian trading session on Monday. The surge in the precious metal comes in response to US President Donald Trump's announcement of tariffs on eight European countries opposing his Greenland acquisition strategy. This escalation in trade tensions has prompted traders to flock to gold as a safe haven asset amidst uncertainty in the currency markets.
The rise in gold's value underscores its role as a hedge against geopolitical risks, particularly as the USD experiences fluctuations due to the tariff implications. As investors react to the evolving situation, the exchange rate dynamics between the USD and EUR may also be affected, influencing broader market sentiment. With gold's all-time high, market participants are keenly monitoring potential resistance levels and the impact of any future developments stemming from these trade disputes.
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Data Source: FX Killer Analysis Team Updated: 2026-01-19 04:51
Disclaimer: This article is for reference only and does not constitute investment advice. Forex trading involves risks; please make decisions carefully.