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Key Highlights:
Sustained strength: Gold continues to trade near its all-time high (ATH) of $3,500, while silver is approaching key resistance at $35.
Safe-haven momentum: Gold is up 28% year-to-date and 44% over the past 12 months, continuing to outperform equities.
Tariff-driven expectations: July 8–9 deadlines on reciprocal and EU tariffs could trigger volatility across markets.
Technical setup: MACD is turning bullish, and RSI remains below 60 — a combination that suggests continued upside potential.
Silver breakout: A break above $35 could send silver rapidly toward its ATH of $50.
Macro focus on July: Two major events — tariff deadlines and the July 30 Federal Reserve interest rate decision — make July a pivotal month for gold and silver.
Gold’s resilience through Q2 2025 continues to be supported by broad macroeconomic headwinds. While equities remain flat year-to-date, gold has gained 28%, bolstered by a weakening US dollar and lingering inflation. With gold priced in dollars, any drop in the currency’s value enhances its appeal — particularly to international investors seeking protection from currency devaluation.