Wells Fargo Tips Growth, Trump Targets Steel, and Metals Rally as USD Weakens

Spot pricing for Gold $AU5195

Spot pricing for Silver $AU53.57

Spot pricing for Platinum $AU1681

Wells Fargo has delivered a cautiously upbeat assessment of the US economy, suggesting it’s now positioned for stronger growth in the second half of 2025. The bank highlighted improved consumer resilience and easing supply chains, even as inflation remains above the Fed’s long-term target. Analysts are watching closely for upcoming data to see if this optimism holds.

In a bold policy move, former President Donald Trump has signed an executive order to reinstate a 50% tariff on imported steel and aluminium. The tariffs, aimed at supporting US industry, have already sparked reactions from trade partners and could reignite tension over global trade flows. Market participants are weighing the potential inflationary impact, especially in construction and automotive sectors.

On the tech front, Nvidia and the broader AI chip sector show no signs of fatigue. Investor appetite for AI infrastructure remains strong, with Nvidia’s performance continuing to exceed expectations. As demand for AI applications accelerates, the chipmaker remains one of the market’s standout leaders.

In metals, gold is holding firm while silver has taken the lead. With the US dollar weakening further, silver has outperformed on both its safe-haven appeal and industrial demand. Investors are taking note as precious metals continue to provide a hedge against currency volatility and inflation concerns.

 
 Enjoy today’s charts.

Gold daily chart, with 200MDA

Silver daily chart, with 200MDA

US500, with 200MDA

ASX200, with 200MDA