Gold prices continued to rise alongside ongoing safe haven demand. The price of an ounce of gold started the day around $2,930. Meanwhile, the price of a gram of gold hit a record high at 3,431 Turkish Lira.

Concerns about US customs tariffs and global uncertainties are affecting gold prices. The price of an ounce of gold started the day around $2,930. The price of an ounce of gold remained just below the record level of $2,941. Meanwhile, a gram of gold found buyers at 3,431 Turkish Lira. The price of a quarter of gold rose to 5,618 Turkish Lira.

NEW TAX SIGNAL FROM THE US
US President Donald Trump escalated trade tensions by signaling that tariffs of 25% would be applied to automobiles, drugs, and chips. Trump mentioned that the automobile tariffs may come into effect by April 2.

UKRAINE-RUSSIA WAR
The possibility of the White House considering lifting sanctions against Russia during diplomatic talks has increased uncertainty, worrying Europe and Kiev. The Trump administration expressed willingness to engage in further talks with Russia to end the war in Ukraine.

EYES ON FED MINUTES
Markets will be watching the US Federal Reserve (Fed) minutes to be released at 10:00 PM GMT. San Francisco Fed President Mary Daly mentioned that progress on inflation remains uneven and the need to keep interest rates steady persists. Meanwhile, in January, Singapore’s gold shipments to the US reached the highest level in the last three years.