FX.co ★ Gold Sets New Record

Gold surged to $2,630 per ounce on Wednesday, reaching an unprecedented high as persistent uncertainty surrounding US trade policies bolstered the demand for safe-haven assets, coupled with a generally weaker dollar. President Trump intensified trade discussion by initiating an investigation into prospective tariffs on all critical mineral imports—an action suggesting a more rigid trade stance that could affect relations with major suppliers such as China. This move somewhat counterbalances the market's optimism from the recent exemption of particular tech products from mutual tariffs, as well as potential waivers on auto parts. Contributing to the optimistic sentiment, leading banks maintain a favorable outlook on gold, highlighting continuous investments in gold-backed ETFs and ongoing central bank acquisitions. Investors are now keenly anticipating the release of US retail sales data and a speech by Federal Reserve Chair Powell later today for further insights into the economic forecast and potential directions in monetary policy.