From Investing.com: 2025-04-21 04:10:00

Gold prices surged to all-time highs as fears of a tariff war escalated between the US and China. The yellow metal became more attractive to investors as the US dollar weakened due to trade tensions. Geopolitically, Russia and Ukraine accused each other of ceasefire violations. Market strategist Yeap Jun Rong suggested that gold could potentially reach $3,500. XAU/USD rose by 1.5% and may continue climbing if trade tensions persist.

The euro also benefited from a weaker US dollar, reaching levels not seen since 2022. The US escalated trade tensions by considering new tariffs on mineral imports, pushing the USD lower. Concerns rose as the Trump administration explored the possibility of removing Federal Reserve Chair Jerome Powell. EUR/USD rose over 1% and may rally further if trade tensions continue to escalate.

The British pound reached a seven-month high on Monday, driven by a weaker US dollar and strength in G10 currencies. The UK’s trade-reliant economy faces risks from global trade tensions involving the US, China, and the eurozone. Additionally, domestic economic challenges such as slowing growth and subdued consumer spending could weigh on the pound. GBP/USD moved higher and may see increased volatility based on updates about trade tariffs and speeches from US and Chinese officials. Key levels to watch include resistance at 1.34300 and support at 1.33000.



Read more at Investing.com: Gold Surges to Record Highs Amid Rising Tariff War Fears and Geopolitical Tensions