As the week began, the gold price has already equalled its record high from Friday and has risen above the USD 2,890 mark.

Interest in Gold continues to rise

As the latest CoT report shows, the number of net open long positions is rising among both major speculators (+1%) and small investors (+5.8%). In early trading this week, this is reflected in a new all-time high for XAU/USD at USD 2,896.

New tariffs make their contribution

The renewed announcement of tariffs by the US government may have contributed to this development. These now affect steel and aluminium imports and are set to amount to 25%. In addition, US President Trump has announced that he will impose tariffs imposed by other countries on US goods on imports of these goods into the US. As further tariffs will also affect inflation in the US, this could have a negative impact on the stock market and drive the price of gold to new record highs.

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