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Gold

Gold looks to get support at 142000 and resistance at 148000

Observations

Gold trading range for the day is 142460-147360.

Gold rose as investors flocked to safe-haven assets following President Trump’s announcement of new tariffs on European countries.

Trump said he would impose a 10% tariff on goods from eight European nations starting February 1, which could rise to 25% in June.

Gold continued to rise aided by safe haven flows amid geopolitical tensions, alongside renewed concerns over Fed’s independence.

Gold held in London vaults totaled 9,106 tons at the end of December, a 2.24% increase from November - LBMA

Silver

Silver looks to get support at 282000 and resistance at 338000

Observations

Silver trading range for the day is 286930-322620.

Silver jumped, hitting a new record high after US President Donald Trump threatened to impose new tariffs on eight European nations.

European leaders discussed potential retaliatory measures, including reviving last year’s plan to levy tariffs on US goods.

Structural supply deficits also made silver a critical asset, with the London market experiencing squeezes over the past year.

Fed’s Goolsbee said that he still expects the Fed to cut interest rates this year, but stressed that policymakers need incoming data to confirm that outlook.