On Wednesday, the most actively traded gold futures hit a record high as investors avoided risk amid heightened geopolitical tensions and the situation around tariffs. April gold futures are up 0.1% during trading on Wednesday and are trading at $3045 per ounce. At the same time, quotes reached $3052.5 per ounce during the session.
Since the beginning of the year, the price of gold has risen by 14.6%, over the past 12 months – by 34.1%.
Israel has launched the deadliest strike on Gaza since the ceasefire in the conflict with Hamas and warned that this is “just the beginning,” Trading Economics writes.
Meanwhile, US tariffs, including a 25 percent levy on steel and aluminum, have increased tensions in global trade, and Washington’s counter duties on imports from countries that impose duties on US goods are due to take effect in early April.
“It is planned to impose duties on April 2,” the White House said.
“Unless customs and non-customs barriers are equalized or US duties are higher, these duties will go into effect,” Reuters quoted a White House official as saying.
In addition, on Wednesday, the Federal Reserve will summarize the results of its regular meeting, which, along with the interest rate decision, will release new forecasts for the US economy.
