Gold jumps amid renewed trade concerns – ING

FXStreetJun 3, 2025 9:23 AM

View all comments（0）



Gold prices jumped Monday as renewed trade concerns and heightened geopolitical tensions supported the metal’s haven appeal, ING's commodity experts Ewa Manthey and Warren Patterson note.

Gold is supported by rising geopolitical tensions

"Prices rose 2.8% to trade above $3,380/oz on Monday after slumping 2% last week. China accuses the US of violating the recent trade agreement, after President Trump made similar accusations last week. Trump also announced plans to double tariffs on steel and aluminium to 50%. Canada and the EU warn they would retaliate."

"Gold has also been supported by rising geopolitical tensions after Ukraine staged a series of strikes across Russia, and Russia launched one of its biggest drone and missile attacks against Kyiv. A second round of peace talks in Istanbul on Monday failed to strike a deal to end the war. All of this is reinforcing Gold’s haven appeal."

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

Comments (0)

Click the $ button, enter the symbol, and select to link a stock, ETF, or other ticker.

Commenting Guidelines

Recommended Articles

US Stocks Fall as Dow Drops 370 Points; CSPs Lead Losses as Cloud Memory Stocks Surge Late; SanDisk and Tesla Rise Over 5%

Military conflicts between the US and Iran escalated again, with reports indicating Donald Trump may approve the resumption of strike operations against Iran. Meanwhile, global oil prices and US Treasury yields both surged, exacerbating pessimism in the stock market. Major US stock indexes fell, led by losses in cloud providers, while memory stocks rallied late in the session. At the close, the Dow Jones Industrial Average fell 0.70% to 53,185.90; the Nasdaq Composite Index slipped 0.12% to 26,370.89; and the S&P 500 Index declined 0.33% to 7,686.14.

Why Are Nasdaq and S&P 500 Futures Weak Pre-Market? Nvidia, Apple, Intel, CRWD and Other Stocks in Focus

TradingKey - In pre-market trading on August 31 ET, US stock index futures traded lower. As of press time, Nasdaq futures were down 0.21%, while S&P 500 futures and Dow futures fell by approximately 0.26% and 0.23%, respectively.

Gold Price Forecast: Can Gold Keep Rising as Fed Rate Hike Expectations Heat Up and US-Iran Conflict Escalates?

TradingKey - As of the Asian session on August 31, gold prices (XAUUSD) extended Friday's decline, briefly dipping below $4,400 intraday to hit a low of $4,396.36. Last Friday, gold closed down more than 3% as hawkish remarks from Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium significantly boosted expectations for a September rate hike. Meanwhile, the escalation of the US-Iran military conflict over the weekend and rising international oil prices have further heightened inflation concerns, placing heavy pressure on gold's upward trajectory. However, technical analysis suggests that gold still has potential for upside gains.

Gold Price Forecast: Ahead of Warsh's Jackson Hole Speech, Is Gold's Next Target $4,500 or $4,700?

TradingKey - As of the Asian session on August 28, gold prices (XAUUSD) were trading near $4,580 with a downward tilt. Gold had previously approached $4,700, but with U.S. inflation remaining elevated and several Federal Reserve officials delivering hawkish signals at the Jackson Hole symposium, market participants reduced long gold positions ahead of a speech by Fed Chair Kevin Warsh, causing gold prices to pull back from their highs.

Bitcoin Price Prediction: BTC Breaks $80,000 Mark, What Does It Mean?

If Bitcoin holds firmly above $80,000, it suggests a strong market risk appetite has been established. Capital is expected to follow the rotation path and spread toward major Layer-1 public chains such as Ethereum (ETH), Solana (SOL), and XRP (XRP), while also signaling a shift in technical resistance levels.

Featured Tools