By Inki Cho

Gold prices retreated on Thursday after forming a fresh record high. However, the asset could remain on a bullish trend as investors could continue to seek safety in the wake of President Trump’s tariff announcement.

The new trade measures, which include a 10% baseline tariff on all imports and higher duties on several countries, dampened investor sentiment and pushed demand toward safe-haven assets like gold.

On the geopolitical front, escalating tensions in the Middle East could further bolster gold’s appeal.

Looking ahead, all eyes are now on Friday’s non-farm payrolls report, which may offer clues on the Federal Reserve’s policy direction. Signs of a cooling job market could favour a dovish tone, which could drive gold prices up. Conversely, strong-than-expected numbers could raise expectations of a more cautious tone, which might temper the upward momentum in gold prices.

Cho Financial Markets Strategist Consultant to Exness