Gold (XAU/USD) prices are up slightly and trading around $2,935 at the time of writing on Friday, holding a good card towards closing the week with a new all-time high and solid gains. The latest gains come after US President Donald Trump signed an executive order for reciprocal tariffs on Thursday. Although it will still be a few weeks before the tariffs are implemented, investors are taking no chances and putting their money in the safe haven of Gold.
Meanwhile, Gold added another boost to its rally, with the US Dollar (USD) and the US Dollar Index (DXY) overall much weaker. The greenback is losing traction as President Trump’s reciprocal tariffs take weeks or months to be implemented. This opens up the door for negotiations, and therefore, there is no immediate flight to safety from the announcement or signing of an executive order by the US President.