FX.co ★ Gold Trades Near Record Levels

Gold prices rose above $3,020 per ounce on Wednesday, approaching record levels. This increase is attributed to gold's safe-haven status amid uncertainties surrounding the upcoming implementation of US reciprocal tariffs. Although President Donald Trump's tariff scheme, which is scheduled to commence on April 2, is anticipated to be more selective and limited than previously promised, it still represents a notable escalation in trade tensions for both the US and its global partners. Meanwhile, investors are keenly anticipating statements from several Federal Reserve officials to gain insights into this year's monetary policy, as well as the release of Friday’s US PCE data for guidance on the Fed’s future actions. On the geopolitical stage, the United States reached agreements with Ukraine and Russia on Tuesday to halt attacks on maritime and energy targets. Washington has also committed to advocating for partial sanctions relief on Moscow, which has slightly reduced the demand for gold due to its diminished appeal as a safe-haven asset.