Strategist: Once the tariff situation becomes clear, the upward trend of gold may weaken

On February 13, Jinshi data, MKS PAMP SA’s metal strategist Nicky Shiels said that although the price of gold may suddenly rise to $3200, issues such as the misalignment of physical gold caused by tariffs being resolved, as well as potential structural changes such as a drop in risk appetite, decreased participation, and reduced Liquidity, are increasingly unfavorable for the pump of gold prices. She stated that her company’s forecast for the average gold price in 2025 remains at $2750, with no intention to raise the forecast. ‘If there is any difference, it is that the structural developments of the past few months have strengthened the bearish reasons for gold.’ She further pointed out that once the tariff situation becomes clear, the upward trend of gold may weaken. Bank of America Securities said that if the United States imposes tariffs resulting in a softening of the currencies of emerging economies, Central Banks in emerging markets may reduce gold purchases.