FUNDAMENTALS
* Spot gold fell 0.1% to $3,031.36 an oz as of 0102 GMT. Bullion reached an all-time excessive of $3,038.26 per ounce on Tuesday.
* U.S. gold futures eased 0.1% to $3,037.90.
* Israeli airstrikes pounded Gaza and killed greater than 400 individuals on Tuesday, Palestinian well being authorities mentioned, shattering almost two months of relative calm since a ceasefire started, as Israel warned the onslaught was “just the start.”
* Traders are fearful about an financial slowdown and elevated dangers of recession attributable to U.S. President Donald Trump’s tariffs, that are extensively thought-about prone to stoke inflation.
* The tariffs have flared up commerce tensions and embody a flat 25% levy on metal and aluminium, which got here into impact in February, and reciprocal and sectoral tariffs to be imposed on April 2.
* Gold, traditionally thought-about a hedge towards geopolitical and financial uncertainties, has gained over 15% year-to-date.
* In the meantime, the Fed, which is able to conclude its two-day coverage assembly later within the day, is anticipated to carry its benchmark rate of interest regular within the 4.25%-4.50% vary.
* Market individuals additionally awaited Fed chair Jerome Powell’s speech following the speed resolution for clues on the central financial institution’s financial coverage trajectory.
* Non-yielding gold thrives in a low rate of interest setting.
* Spot silver fell 0.3% to $33.93 an oz, platinum misplaced 0.3% to $994.60 and palladium eased 0.1% to $966.11.
DATA/EVENTS (GMT) 1000 EU HICP Remaining MM, HICP Remaining YY Feb.
