Gold prices continue to break records amid fears of a trade war. One ounce of gold is trading at $3,148. Meanwhile, a gram of gold is changing hands at 3,838 Turkish lira. The uncertainties in global trade are fueling gold to break records. One ounce of gold has pushed the record level to $3,148. This marks an increase of almost 20% since the beginning of the year. The reciprocal tariffs of Donald Trump in the U.S. are expected to take effect on April 2nd. Trump stated that the customs duties will be applicable to all countries beyond just a smaller group of 10 to 15 nations. Additional tariffs on cars will come into effect on Thursday. On the other hand, economic data from the U.S. has increased demand for safe-haven assets. The core personal consumption expenditures (PCE) index exceeded expectations in February, as reported on Friday. The Core PCE saw a monthly increase of 0.4% and a yearly rise of 2.8%. Following this data, there was a sell-off in risky assets, including U.S. stock markets. The data has raised concerns about the expectations of two interest rate cuts from the Federal Reserve (Fed) this year. Investors will be monitoring U.S. employment data this week. Non-farm payrolls will be released on Friday. Clues about the Fed’s monetary policy direction will be watched closely from the employment figures. Additionally, a gram of gold is currently trading at 3,838 Turkish lira, while a quarter of gold is being transacted at 6,312 Turkish lira.