Due to its attraction as a safe haven in the face of uncertainty around the upcoming implementation of US retaliatory tariffs, gold slightly increased above $3,020 per ounce on Wednesday, staying close to record highs.
Even while President Donald Trump’s tariff proposal, which is scheduled for April 2, is anticipated to be more focused and constrained than his prior promises, the United States and its trade partners would still see a major increase in tariffs.
Investors are waiting for Friday’s US PCE data and comments from a number of Fed officials to provide them with indications about the Fed’s future course of action.
With Washington promising to press for some sanctions relief on Moscow, the US and Ukraine achieved agreements on Tuesday to halt strikes on energy targets and at sea. This somewhat dampened the appeal of bullion as a safe haven.
