Gold remains well supported by political uncertainty – Commerzbank

Gold has reacted positively to the latest US tariffs, Commerzbank's commodity analyst Barbara Lambrecht notes. 

US economic indicators can strengthen hopes of more interest rate cuts

"The price reached a new record high. In addition, the price difference between Gold on the Comex and the spot price in London has widened again, which can be explained by concerns about the US tariffs that will come into force next week as these could also affect Gold imports from Canada." 

"However, this also shows that the Gold rally is not quite over yet. We consider Gold to be well supported for the time being, especially as next week's potentially disappointing US economic indicators could strengthen hopes of more interest rate cuts by the Fed."