Two events last week pulled gold prices in different directions, but U.S. President Donald Trump’s announcement of steel and aluminum tariffs helped end gold’s recent slump…
First was Federal Reserve Chair Jerome Powell’s testimony to Congress. Although the newly installed Powell said the economy was strengthening, he also alluded to the possibility of more aggressive rate hikes.
That triggered a stock sell-off and a dollar rally.
And you can also see how the tariffs sent the stock market reeling too…
Friday (March 2) would see further weakness in the dollar, with the DXY hovering just around the 90 level most of the day. That extended softness supported gold further, and the yellow metal opened higher, at $1,322, which maintained into the close.
Here’s my latest 2018 gold price target now that the new steel tariffs are driving down the dollar and boosting gold…
How High Gold Prices Can Go in 2018
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Peter Krauth is the Resource Specialist for Money Map Press and has contributed some of the most popular and highly regarded investing articles on Money Morning. Peter is headquartered in resource-rich Canada, but he travels around the world to dig up the very best profit opportunity, whether it’s in gold, silver, oil, coal, or even potash.
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