Gold prices rose slightly during the Asian session on Tuesday (April 15th), with spot gold currently up about 0.5%, trading near $3226 per ounce, not far from the historical high of $3245.42 set on Monday. Market analysts pointed out that the upcoming semiconductor tariff policy announced by US President Trump continues to raise global concerns, driving investors to flock to gold, a traditional safe haven asset. As trade tensions escalate, the defensive allocation value of gold is gaining widespread market recognition.

Under the shadow of tariffs, gold becomes a safe haven for funds

Yeap Jun Rong, a market strategist at IG, said, "The main driving force behind the continued strength of gold comes from the expectation that the United States may impose new tariffs." The latest document from the Federal Register shows that the Trump administration has launched a Section 232 investigation into drug and semiconductor imports, paving the way for the imposition of national security tariffs. Trump made it more clear on Sunday that he will announce semiconductor tariff rates this week, which directly intensified market tension. Analysts generally believe that as long as trade policy uncertainty persists, the upward momentum of gold will not weaken.

The Federal Reserve's policy is deadlocked, and the attractiveness of interest free assets has doubled

The statement by Atlanta Fed President Bostic further strengthens the bullish logic of gold. He bluntly stated that the current economy has entered a "major pause" state and suggested that the Federal Reserve maintain policy stability. This policy uncertainty, combined with potential inflation risks, makes unprofitable gold uniquely attractive. Historical experience has shown that in low interest rate environments and periods of policy uncertainty, gold often outperforms other asset classes. The current market expectation is that the Federal Reserve may be forced to cut interest rates when inflation is high, which creates an ideal upward space for gold.

The technical upward trend channel remains intact

From a technical perspective, the upward trend of gold prices has been further confirmed after breaking through the key resistance level of $3200. Market analysts point out that as long as the gold price remains above the support level of $3180, the upward channel will remain intact.

Summary: A new historical high is in sight, and the gold bull market may have just begun

The current gold market is showing a rare perfect resonance between technical and fundamental aspects. The risks of trade wars, policy uncertainty, and inflation expectations together form the "golden triangle" of gold's rise. Considering that the potential impact of Trump's tariff policy has not yet been fully released, the policy path of the Federal Reserve is still uncertain, and gold prices may open up greater upward space after breaking through historical highs. For investors, increasing their holdings of gold may become an important choice for hedging portfolio risks in the current macro environment. The risk aversion frenzy triggered by the trade war may have just begun.