Gold prices are trading close to record levels amid fears of trade wars. The price of an ounce of gold is around $2,910. Meanwhile, a gram of gold is changing hands at 3,413 Turkish lira.

Gold prices continue to maintain their near-record levels. Today, an ounce of gold traded around $2,910. A gram of gold changed hands at 3,413 Turkish lira with a slight decrease. A quarter of gold was priced at 5,604 Turkish lira.

Rising U.S. Treasury bond yields put pressure on the yellow metal. However, fears of trade wars supported demand for safe-haven assets. President Donald Trump imposed an additional 25% customs duty on goods imported from Mexico and Canada. The tension escalated further with China increasing its customs duty to 20%. U.S. Commerce Secretary Howard Lutnick mentioned the possibility of an agreement with Canada and Mexico, subject to Trump’s 25% customs duty. In a speech at Congress, Trump stated that Ukraine is willing to join the negotiation table and an agreement on minerals is expected to be signed between the U.S. and Ukraine today. On the other hand, recent data indicated an economic slowdown, strengthening expectations of interest rate cuts. U.S. Treasury Secretary Scott Bessent confirmed their commitment to interest rate cuts. Markets will closely monitor U.S. employment data this week.