As gold prices soar to new heights, reaching $2,942 in early Tuesday trading, market analysts are assessing the ongoing economic environment. Gold has already achieved an impressive 11% return for 2025, showcasing its attractiveness amid fluctuating market conditions. However, the imposition of 25% tariffs on steel and aluminum imports by President Trump adds uncertainty to the equation. As the U.S. and China’s trade tensions escalate, investors remain focused on Powell’s upcoming testimony. How he addresses these matters could significantly influence gold’s future trajectory.