Gold (XAUUSD) rises: the world seeks shelter from risk

Gold (XAUUSD) prices have climbed to 3,310 USD as news flows grow increasingly concerning. Discover more in our analysis for 2 June 2025.

XAUUSD forecast: key trading points

• Gold (XAUUSD) quotes rose as the external backdrop worsened and markets turned to safe-haven assets
• Trump plans to double tariffs on steel and aluminium imports
• Gold once again asserts its role as a defensive asset
• XAUUSD forecast for 2 June 2025: 3,332 USD

Fundamental analysis

Gold (XAUUSD) begins the week trading around 3,310 USD per troy ounce. Demand for safe-haven assets has grown after US President Donald Trump made a new announcement regarding tariffs.

On Friday, Trump said he will double existing tariffs on steel and aluminium imports from 4 June, increasing them from 25% to 50%. The announcement came amid ongoing legal proceedings regarding the legality of some of Trump’s tariff measures. An appellate court allowed the case to proceed despite a previous ruling of the US Court of International Trade to suspend the tariffs.

Later, Trump added to market uncertainty by accusing China of violating the May trade truce. Beijing denied the allegations and cited breaches by the US as well.

The Gold (XAUUSD) forecast appears moderately positive.

XAUUSD technical analysis

On the H4 chart, Gold (XAUUSD) is setting up for a gradual rise towards 3,332 USD. To maintain this upward momentum, prices must consolidate above that level and receive support from fundamental developments. This will pave the way for a rise to 3,366 USD.

Summary

Gold (XAUUSD) prices moved higher as external conditions deteriorated and market participants grew increasingly concerned about capital preservation. The Gold (XAUUSD) forecast for 2 June 2025 suggests a potential rally towards 3,332 USD.