Gold prices hit new highs as world tensions heat up before the Federal Reserve makes its interest rate call. The precious metal jumped past $3,039 per ounce, breaking the record set just a day earlier. Donald Trump asked for a 30-day pause in the Ukraine war, but Russian President Putin said no to this request. Safe money flows increased as Israel broke its Hamas agreement with bombs across Gaza that killed hundreds of people.
The Fed will likely keep rates unchanged when they meet today. Investors will pay close attention to what the bank predicts for the economy and listen carefully to Chair Powell's news talk for hints about future money rules. Although gold typically suffers when rates stay high because it pays no interest, fears about global problems have pushed its value higher anyway.
Worries about the American economy are growing as President Trump's tax plans on imports hurt shoppers' feelings. Bank of America reports investors have sold off US stocks at record levels, showing a huge shift happening in markets right now. The less-than-happy outlook for both US and worldwide business has highlighted why people buy gold as protection during shaky times.
The yellow metal has gained roughly 15 percent since January, building on its already strong showing throughout last year. Many big banks have recently said they expect even higher prices ahead. After hitting the record, gold settled slightly at $3,036.08 per ounce by early afternoon Singapore time. The dollar went up a tiny bit. Silver prices stayed the same, platinum went down, and palladium climbed a little.
The Fed will likely keep rates unchanged when they meet today. Investors will pay close attention to what the bank predicts for the economy and listen carefully to Chair Powell's news talk for hints about future money rules. Although gold typically suffers when rates stay high because it pays no interest, fears about global problems have pushed its value higher anyway.
Worries about the American economy are growing as President Trump's tax plans on imports hurt shoppers' feelings. Bank of America reports investors have sold off US stocks at record levels, showing a huge shift happening in markets right now. The less-than-happy outlook for both US and worldwide business has highlighted why people buy gold as protection during shaky times.
The yellow metal has gained roughly 15 percent since January, building on its already strong showing throughout last year. Many big banks have recently said they expect even higher prices ahead. After hitting the record, gold settled slightly at $3,036.08 per ounce by early afternoon Singapore time. The dollar went up a tiny bit. Silver prices stayed the same, platinum went down, and palladium climbed a little.
