Gold rose above the $3,000 level mark on Tuesday, hitting a new record high as safe-haven demand strengthened ahead of the U.S. Federal Reserve's interest rate decision.
With the Fed expected to keep rates unchanged, investors will focus on the central bank's updated economic projections and Chair Jerome Powell's press conference for signals on future policy direction, particularly amid trade and tariff woes. Geopolitical tensions have also contributed to market uncertainty.
On Monday, President Donald Trump has warned that Iran will be held directly responsible for any further attacks by Yemen's Houthi rebels, who have been targeting U.S. and other foreign vessels in the Red Sea. Meanwhile, Trump said he would speak to Russian President Vladimir Putin on Tuesday morning about ending the war in Ukraine.
Source: Trading Economics
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