FX.co ★ Gold Hits New Record High on Trade War Concerns

Gold soared beyond $3,100 on Tuesday, reaching a new record high, as investors sought safety amid escalating concerns about President Donald Trump's expanding trade tensions. Reports suggest that Trump is contemplating raising trade tariffs across a broader range of countries, with plans for reciprocal duties expected to be unveiled on April 2. Additionally, on Sunday, Trump issued warnings of imposing 25-50% secondary tariffs on Russian oil if Moscow obstructs his initiatives to resolve the Ukraine conflict. Similarly, he threatened Iran with further tariffs and potential military action should Tehran not comply with a nuclear agreement. Concurrently, Mary Daly, President of the San Francisco Federal Reserve Bank, noted that Friday’s inflation data has shaken her confidence in her prior forecast, suggesting that two interest rate cuts this year now seem less likely.