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Bank of America's chief investment strategist, Michael Hartnett, noted a significant surge in equity inflows, with U.S. stocks seeing $34.1 billion last week, indicating a lack of belief in a trade war-induced recession. As tariffs are set to rise, gold and bonds are viewed as safer investments, while European and Chinese equities are gaining traction amid declining U.S. sentiment.
Gold prices have surged to a record high of $3,004.94 per ounce, prompting UBS to raise its price forecast to $3,200. The strategists attribute this rally to ongoing policy risks and a potential trade war, which has increased safe-haven demand for gold. Additionally, strong inflows into ETFs and significant purchases by central banks, particularly from China and Poland, are expected to support the market further.
Gold prices are poised for potential gains, supported by declining US Treasury yields and ongoing tariff-related uncertainties, which may enhance its appeal as a hedge. A breakout above the US$2945 resistance could lead to the psychological US$3000 level.Silver prices are also on an upward trend, closely following gold, with current resistance at US$32.55. A break above this level may target the October 2024 high of US$34.87, as long as the daily RSI remains favorable.
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record equity inflows suggest optimism despite trade war concerns
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