As the focus turns towards Trump tariffs later in the week, the gold train is not stopping to kick start proceedings. The precious metal broke the $3,100 level earlier and is now up over 1% to a fresh record high of $3,121.

In a time like this, it’s hard to find reasons not to like gold. The amount of economic and political uncertainty, coupled with major central banks poised to cut rates further, and also central banks propping up demand as they are also buying up the precious metal. The fundamentals are all still very much supportive.

The question now for gold is the same as what broader markets are going to be dealing all through the week. Are Trump’s tariffs going to be significant come what may and are they going to be a cause for a recession and a major global slowdown?

If the answer is yes, expect gold to keep ripping higher as emotions start running in response to the tariffs on 2 April. If not, there’s likely scope for a strong pullback considering the run higher we’re seeing since the end of last week.