With new global tariff uncertainties, gold prices are exploding higher again.
Fueling upside, President Trump imposed a global tariff of 15% following the U.S. Supreme Court’s struck down his reciprocal tariffs late last week.
According to Trump, “I, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff on Countries, many of which have been ‘ripping’ the U.S. off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15% level,” Trump wrote in a post on Truth Social, as quoted by CNBC.
As a result, Europe warned that such tariffs could jeopardize U.S. trade deals.
In fact, “The European Commission requests full clarity on the steps the United States intends to take following the recent Supreme Court ruling on the International Emergency Economic Powers Act (IEEPA),” the Commission added. “The current situation is not conducive to delivering ‘fair, balanced, and mutually beneficial’ transatlantic trade and investment, as agreed to by both sides and spelled out in the EU-U.S. Joint Statement of August 2025.”
Plus, analysts are now arguing for $7,000, even $10,000 gold longer term.
According to SAMCO Securities, gold could test $7,000, driven by further geopolitical uncertainties, sky-high deficits, central bank demand, and the real interest rate environment, as noted by Business Standard.
Others, according to SBG Securities, are calling for $10,000 gold based on monetary policy, geopolitical issues, and a weaker U.S. dollar, as noted by Investing.com. They added that a key driver of gold prices depends on the outlook for interest rate cuts. Markets are currently pricing in two cuts this, but the firm seems room for more, noting that “three cuts could push gold to $7,000 by year end (SBG’s base case) and a more dovish Fed may send gold to $10,000.”
Ed Yardeni of Yardeni Research also says $10,000 is a possibility, arguing the metal is being driven by a broad “geopolitical risk-on trade,” as mentioned by Investing.com. “We are still targeting $6,000 by the end of this year and $10,000 by the end of 2029,” he added.
Sincerely,
Ian Cooper
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