Money

New record in the gold market

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The safe haven rise continues in gold prices. The price of an ounce of gold approached the peak at 2,940 dollars. Meanwhile, the price of a gram of gold hit a record high at 3,465 liras. Gold rose due to the uncertainty surrounding customs duties, increasing demand for safe-haven assets. The price of an ounce of gold rose to 2,940 dollars, a 0.26% increase. The price of gold per ounce had reached its historic peak at 2,956 dollars on February 24th. The prices of grams and quarter ounces of gold also continued moving towards record highs. The gram of gold hit a record high at 3,465 liras, while the quarter ounce of gold changed hands at 5,683 liras. Following retaliatory steps from the EU and Canada, US President Donald Trump warned of additional customs duties on EU goods. Trade Secretary Howard Lutnick also stated that Trump would implement trade protections on copper. Additionally, lower-than-expected US inflation data provided investors with confidence in the progression of disinflation. It was noted that the inflation data could provide room for the Federal Reserve to cut interest rates. Nevertheless, concerns about trade policies leading to inflationary pressures continued to weigh on the markets.

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