Gold Price: XAU/USD hovers near $5,100 non risk-off markets

LONDON (January 26) Gold’s (XAU/USD) keeps marching higher on Monday, boosted by a mix of geopolitical tensions, US President Trump’s new tariff salvo, and a weaker US Dollar amid fears of an immediate Yen intervention. Bullion gapped up above the $5,000 psychological level at Monday's session opening, and is testing resistance at $5,100 at the time of writing.

Precious metals surged on Friday as the US Federal Reserve requested US Dollar-Yen quotes by major US banks, boosting market expectations of a joint US-Japan intervention to support the JPY. Apart from that, the escalating tensions between the US and Iran and Trump’s threat to apply 100% tariffs to Canada have triggered a risk-averse reaction, increasing support for safe havens like Gold.

FXStreet