The yellow metal is trading above $3,000 per ounce in mid-European trading today, Tuesday, March 18, after recording its highest daily close ever yesterday, Monday, at $3,000 per ounce. Gold is benefiting from increased market uncertainty and increased demand for safe havens, amidst the renewed conflict in the Middle East and ongoing concerns over US tariffs and their impact on the global economy. The conflict in the Middle East is escalating again, threatening to collapse the truce and ceasefire after Israel bombed Gaza this morning, Tuesday, with authorities announcing the deaths of nearly 400 people.
This has heightened market uncertainty after a two-month truce. On the other hand, global concerns persist regarding the impact of the tariffs imposed by the United States, which took effect in February, on global growth and the return of rising inflation.
This has supported gold prices, which have risen 14% since the beginning of the year. The US Federal Reserve, which begins its meeting today, Tuesday, and will announce the results of its meeting at the end of the US session tomorrow, Wednesday, is dominating the week’s events, amid expectations that the bank will keep interest rates unchanged. Attention will turn to the latest quarterly forecasts from the bank’s members regarding growth, inflation, and future interest rates.
The US dollar index is trading today at 103.00, down more than 0.80% from the opening price of the weekly session yesterday, Monday, and trading at its lowest levels since mid-October of last year.
According to data compiled by Bloomberg, inflows into gold exchange-traded funds (ETFs) continued for the fifth consecutive day, with holdings in the funds rising 5% this year.
A report from the World Gold Council indicated that buying activity is expected to continue and increase if prices remain above $3,000 over the next two weeks.
Gold is trading at midday trading on Tuesday at $3,026 per ounce, up about 0.82%, while silver is up about 0.67%, trading at $34.07 per ounce.
Platinum is trading at $997, down 0.21%, while palladium is up 0.86% at $973.
18/03/2025
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