26.03.2025 13:50
Experts stated that if the tariffs to be announced by the U.S. on April 2 are not as severe as feared, there could be pullbacks in the price of gold per ounce; however, due to the current uncertainties, increases may be seen again in the medium and long term.
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Experts stated that if the tariffs to be announced by the U.S. on April 2 are not as harsh as feared, there could be pullbacks in the price of gold per ounce, but with the current uncertainties, increases could be seen again in the medium and long term.
HERE ARE THE FACTORS SUPPORTING GOLD PRICES
Uncertainties regarding U.S. President Donald Trump's tariff decisions, central banks continuing to purchase gold, geopolitical risks, and the possibility of three interest rate cuts by the U.S. Federal Reserve (Fed) this year are among the main factors supporting the price of gold per ounce. With the impact of these developments, the price of gold per ounce, which continued its upward trend by breaking records, reached an all-time high of $3,057 on March 20. After news that the customs duties to be implemented by President Trump on April 2 would not be as harsh as feared, the price of gold per ounce paused its rise, stabilizing around $3,020 after a decline to $3,000.
GOLD'S FATE DEPENDS ON APRIL 2
Experts stated that if the tariffs to be announced by the U.S. on April 2 are not as harsh as feared, there could be pullbacks in the price of gold per ounce, but with the current uncertainties, increases could be seen again in the medium and long term. Daniela Corsini, Senior Commodity Economist at the Italy-based banking group Intesa Sanpaolo, stated, "If expectations weaken that the U.S. tariffs will not be as harsh as feared and concerns about broader taxes increase again, the price of gold per ounce could test new peaks around $3,150." Corsini expressed that uncertainties regarding U.S. fiscal and monetary policies, geopolitical tensions in the Middle East, and the failure of ceasefire talks in the conflict between Russia and Ukraine are risks that could push gold prices higher in the near term, stating, "If the tariffs after April 2 are not as harsh as expected and have a smaller impact than the initial tariff threats, the price of gold per ounce could temporarily consolidate in the range of $2,950 to $2,650."
CONTINUED VOLATILITY IN FINANCIAL MARKETS SUPPORTS GOLD PRICES
Soni Kumari, Commodity Strategist at the Australia-based multinational bank and financial services company ANZ, also stated that trade-related tariffs have been effective in raising the price of gold per ounce from $2,800 to $3,000. Kumari noted that this situation supports the inflow into gold-based investment funds, stating: "If the tariffs that Trump will implement on April 2 are softer than expected, and if there is clarity in the market regarding tariffs, this could have a slightly negative effect on gold prices. Because the price of gold per ounce benefits from uncertainties such as 'What will be the impact of tariffs? How will it affect economic growth?' Therefore, providing clarity that tariffs will be lower than the levels feared by the market is somewhat negative for the price of gold per ounce. Overall, if you look at the fundamental backdrop of gold, it still looks quite supportive because there is still a lot of uncertainty, and concerns about U.S. economic growth have now increased."
PRICE PREDICTION OF $3,200 FOR GOLD
Kumari mentioned that the Fed has lowered its economic growth forecast to 1.7% for this year, emphasizing that there has also been an increase in inflation figures. Kumari noted that concerns about stagflation are also a supportive factor for the price of gold per ounce, stating that if volatility continues in financial markets, this will also support gold. Kumari said, "There may be profit-taking in gold after the tariff decisions to be announced on April 2, but gold has room to rally more in the medium and long term. The price of gold per ounce could reach levels of $3,200 by September."
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