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Gold prices edged higher on Wednesday, climbing 0.2% to $3,039.38 an ounce after touching a record high of $3,045.24 earlier in the session.
This marks the 15th record high for gold this year, as investors increasingly turn to the precious metal as a safe haven amid multiple uncertainties. Primary drivers include concerns about President Trump’s planned universal tariffs set to begin April 2, fears of economic slowdown, and renewed conflict in the Gaza Strip. Market analysts believe this upward trend is likely to continue until the economic impact of these tariffs becomes clearer.
Meanwhile, investors await the Federal Reserve’s policy decision scheduled for 1800 GMT, with expectations that interest rates will remain within the 4.25%-4.50% range, though markets are pricing in a 98% probability of a rate cut by June—a scenario that would further benefit gold as a non-yielding asset.
