Gold prices started near record levels due to uncertainties in the global economy and trade. In the initial trades, the price of an ounce of gold was around $2,918. Meanwhile, a gram of gold changed hands at ₺3,390. Gold prices remained close to record levels following uncertainties in global trade and US inflation data. The price of an ounce of gold started the day with a 0.5% increase at $2,918. Gold’s ounce price had hit a record of $2,940 on Tuesday. A gram of gold was traded around ₺3,390 Turkish Liras. Additionally, a quarter of gold was priced at ₺5,574. In the US, inflation rose more than expected in January, with a monthly increase of 0.5% and an annual increase of 3%. These inflation figures reinforced the cautious stance of the Federal Reserve (Fed) on interest rate cuts. Expectations for interest rate cuts were pushed back to December following the data release. Fed Chair Jerome Powell stated during a presentation to the House Financial Services Committee that “Today’s inflation data shows that we are close to our target, but we have not yet reached it.” The White House announced that reciprocal customs duties could be announced on Thursday following President Trump’s decision to impose a 25% duty on steel and aluminum imports earlier in the week. It is expected that these duties will be built on existing tariffs, including a 10% customs duty on Chinese goods and a 25% customs duty on imports from Canada and Mexico. Powell emphasized that authority over tariffs lies with the US President and Congress, with the Department of Commerce also involved in some areas, stating that the Fed does not have a role in determining tariffs.