The Trump administration announced tariffs on 8 European countries including Germany, France, the UK, and Denmark (10% starting February 1, rising to 25% from June).

$XAUT Gold's safe-haven attributes have been pushed to the limit in this round of geopolitical crises: prices hit record highs; spot gold has surged past $4,700/ounce, with a peak around $4,750. Since the beginning of the year, the increase has exceeded 8%.
Safe-haven demand: Faced with the breakdown of US-Europe trade relations and internal NATO conflicts, capital has flooded into hard assets.
De-dollarization accelerates: Trump's aggressive approach of linking tariffs to territorial expansion has severely shaken the credibility of the dollar. Central banks and safe-haven funds are beginning to choose gold as an alternative to the US dollar.
Target levels: Investment banks are generally raising expectations, believing that gold prices have a high probability of breaking $5,000 within the year.
Downward pressure caused by the mismatch in crypto market attributes, in the current tariff crisis, is more reflective of the volatility typical of risk assets:
Price pressure: Bitcoin has fallen from recent highs, breaking below $91,000, contrasting sharply with the rising gold prices.
Narrative decoupling and liquidity withdrawal: Tariff policies have driven up inflation expectations; US Treasury yields have soared (10-year yield reaching 4.29%), leading to liquidity squeeze on highly volatile crypto assets.
Safe-haven failure: In the face of real trade wars and territorial disputes, traditional institutions tend to prefer francs, yen, or physical gold. Due to high leverage, the crypto market often experiences a leveraged collapse during initial panic.