Gold costs edged greater on Wednesday, climbing 0.2% to $3,039.38 an oz. after touching a document excessive of $3,045.24 earlier within the session.
This marks the fifteenth document excessive for gold this 12 months, as buyers more and more flip to the dear steel as a protected haven amid a number of uncertainties. Major drivers embrace considerations about President Trump’s deliberate common tariffs set to start April 2, fears of financial slowdown, and renewed battle within the Gaza Strip. Market analysts consider this upward development is prone to proceed till the financial affect of those tariffs turns into clearer.
In the meantime, buyers await the Federal Reserve’s coverage determination scheduled for 1800 GMT, with expectations that rates of interest will stay throughout the 4.25%-4.50% vary, although markets are pricing in a 98% chance of a price reduce by June—a state of affairs that will additional profit gold as a non-yielding asset.
