FX.co ★ Gold Rises on Safe-Haven Demand

Gold surged past the $3,000 mark per ounce on Wednesday, bolstered by its appeal as a safe haven amid rising concerns of an escalating trade war. This development has heightened fears of a looming global recession and increased inflationary pressures. U.S. authorities confirmed the implementation of new tariffs on various nations today, without offering any immediate exemptions. Notably, China is poised to experience its most significant tariff increase to date, set at an imposing 104%, after failing to remove retaliatory tariffs on U.S. goods by the deadline set at noon on Tuesday by President Donald Trump. Furthermore, Trump announced intentions to reveal a substantial new tariff on pharmaceutical imports in the near future. Investors are also anticipating the release of the U.S. Federal Reserve's policy meeting minutes from March, which are expected later today, to understand the threshold at which policymakers might consider a rate cut.