Gold price has ended the week-long range-bound trading by refreshing its all-time high earlier on Tuesday. At the time of writing, the bullion was at a fresh record high of $4,725. With that, the GLD ETF, which tracks the performance of the gold bullion, is set to make a similar move.
Notably, a weaker US dollar and concerns over Trump’s tariffs have pushed investors to seek safety in precious metals and other safe-haven assets. After a stellar performance in 2025, gold price appears set to continue its bullish trend in the new year. Three weeks into 2026, the bullion is already up by close to 10% as the GLD gold ETF rallies by over 5%.
Safe-haven demand bolsters gold price to new heights
Gold price has continued the record performance observed in 2025 as investors steadily seek safety in the precious metal. Central bank buying and ETF inflows continue to bolster prices amid the persistent economic and geopolitical uncertainties.
Besides, the fresh tariffs by President Trump have further fueled the safe-haven demand. The US President has indicated that he will impose tariffs on exports from eight European nations that reject his plan to acquire Greenland. These countries include the UK, the Netherlands, Denmark, Germany, Sweden, France, Norway, and Finland. The move has heightened concerns over a broader trade as the European Union considers a reciprocal tariffs package of 93 billion euros on US imports.
Furthermore, the fresh tariffs have reignited the de-dollarization push. This has pulled the dollar index to a level last recorded about two weeks ago at $98.44. A weaker US dollar makes gold less expensive for buyers holding foreign currencies.
In the ensuing sessions, the economic and geopolitical uncertainties are expected to continue supporting gold price. Besides, investors have their eyes on the Fed meeting slated for next week. While the market has priced in two interest rate cuts this year, the US central bank will likely pause on the monetary easing during the year’s first FOMC meeting. Maintaining higher interest rates may curb gold price gains while strengthening the US dollar.
GLD ETF price technical analysis
The GLD gold ETF eased slightly on Monday, but remained within the tight range that has defined its movements for a week now. Even with the recorded pullback, it has held steady above the resistance-turn-support level of $418, which it broke for the first time ever on 12th January.
With gold price having rallied to a fresh record high earlier on Tuesday, the GLD ETF is set to hold steady above its current support level as the bulls top its current all-time high of $426. At its RSI of 64, the gold derivative has ample space to extend its gains towards $450 in the ensuing sessions.
On the flip side, a corrective pullback beyond its support level of $418 will likely activate the lower zone of $414. Even so, the bulls would still be in control as it continues to trade above the bullish trendline and short-term 25-day EMA.
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