Gold is poised for its largest monthly gain since March 2024, driven by its dual appeal as both a safe-haven asset and an inflation hedge.Gold surged to a record high, reaching above $2,800 per ounce today (Jan 31), as investors flocked to safe-haven assets following renewed tariff threats from US President Donald Trump.His latest warnings to impose tariffs on Canada and Mexico reignited fears of trade wars and a potential global economic slowdown, further fueling demand for the precious metal.The rally was also bolstered by dovish signals from major central banks.The ECB cut rates yesterday as anticipated, leaving room for additional easing, while the BoC halted its quantitative tightening.
However, in contrast, US interest rates remained unchanged, with no clear indications of future adjustments.
The markets are now focusing:
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