Gold Performance

Gold extended its winning streak to the second straight week, closing with a weekly gain of 0.53% at $3,355.59. The metal's movement is heavily influenced by tariff news flow, with spot gold trading between $3,341 and $3,375 on July 14.

Silver prices hit a 14-year high, surging 3.87% in the week ending July 11, driven by strong ETF inflows and a tight market.

Tariff Developments

US President Donald Trump's tariff war, including a fresh threat of 100% tariff on Russia, is shaping market trends. Recent impositions of 30% tariffs on the EU and Mexico, effective August 1, are key factors.

Market Outlook

Gold is expected to rise on safe haven demand, with resistance seen at $3375. Silver, supported by supply concerns and potential tariffs on imports from Mexico, is likely to trade with a positive bias.

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