- Gold reaches new record high of $2,954
- Trade tensions fuel safe-haven demand
- Swiss gold exports to the US hit a 13-year high
- XAUUSD could potentially trade between $2,869-$2,990
Gold returned below the $2,930 level on Friday (02/21/2025) after hitting another record high of $2,954 a day earlier, poised for an eighth consecutive weekly gain.
XAUUSD's main growth drivers include investor demand for safe-haven assets amid heightened global trade uncertainties.
Earlier this week, President Donald Trump announced new tariffs on automobiles, semiconductors, lumber and pharmaceuticals, adding to existing levies of 10% on Chinese goods and 25% on steel and aluminum, further straining global trade relations.
Meanwhile, U.S. Treasury Secretary Scott Bessent dismissed speculation about changes to the valuation of the nation's gold reserves.
In addition, January monthly Swiss gold exports to the U.S. hit a 13-year high, driven by increased gold transfers to the U.S. amid tariff fears. A total of 193 tons of gold was shipped to the United States during the month.
Looking ahead, the potential (73% – probability) 7-day trading range for XAUUSD is
$2,869.09–$2,990.20 (source: Bloomberg).
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