Gold is trading slightly above $3,020 per ounce, remaining near record highs. Its safe-haven appeal is boosted by uncertainty surrounding upcoming US reciprocal tariffs. Geopolitical developments, including agreements between the US, Ukraine, and Russia, are slightly reducing its appeal. Investors are also closely watching for insights into monetary policy from Federal Reserve officials and upcoming US PCE data.
- Gold edged higher above $3,020 per ounce.
- It’s hovering near record highs.
- Support comes from its safe-haven appeal.
- Uncertainty over US reciprocal tariffs is a factor.
- The tariff plan is set for April 2.
- Investors await speeches from Federal Reserve officials.
- Friday’s US PCE data will be important.
- US reached agreements with Ukraine and Russia on Tuesday.
- These agreements will pause attacks at sea and on energy targets.
- Washington is pledging to push for some sanctions relief on Moscow.
- This is slightly dampening bullion’s safe-haven allure.
The market is seeing a slight push upward while remaining at high prices due to a mix of supporting and opposing factors. The possibility of tariffs is creating enough economic uncertainty that investors are turning to a typical store of value to hedge their bets. Countering this upward pressure are geopolitical developments that suggest a lessening of conflict, and the market awaits further details concerning the direction of monetary policy in the near future. These combined factors will likely mean continued volatility in price.