Abdullah Al-Haqim 
Gold recorded a record level high today, Friday, driven by the state of blurring related to American customs duties and fears of trade tensions, as well as increasing expectations for the Federal Reserve (US Central Bank) to reduce its monetary policy.
The price of gold in instant transactions fell 0.1 percent to 2983.78 dollars an ounce by 0132 GMT, after he recorded a high record at $ 2990.09 earlier in the session, to approach the important 3000 dollar level.
Gold is heading to record a height for the second week in a row, with gains by 2.5 percent so far.
Gold futures in the United States increased by 0.2 percent to $ 2996.70 an ounce.
“The market position reflects investor expectations that commercial tensions are likely to worsen before they calm down, and (investors) again go to gold as a safe haven to hedge from fluctuations,” said Yip John Rong, a market analyst at iG.
In the latest escalation of the trade war launched by US President Donald Trump on multiple fronts, the European Union responded to US customs duties on steel and aluminum by imposing a 50 percent tax on US whiskey exports, which prompted the president to threaten through the “Truth Social” to impose customs duties of 200 percent on the imports of wine and European spiritual drinks.
“The psychological level is now 3000 dollars on the horizon for gold prices, and as we approach the second quarter, where mutual customs duties can lead to another wave of disturbances in the market, gold remains safe and convincing in an environment where the alternatives are rare.”
It is widely expected that the customs duties imposed by Trump will fuel inflation and economic uncertainty, and has led gold to reach multiple levels in 2025.
Gold is seen as a way to hedge against political risks and inflation.
The markets are now awaiting the monetary policy meeting of the Reserve Council next Wednesday. The central bank is expected to keep the standard interest rate for one night in the range of 4.25 to 4.50 percent.
As for other precious metals, silver in instant transactions fell 0.2 percent to $ 33.72 an ounce, platinum rose 0.1 percent to $ 995.30, and palladium increased 0.7 percent to 964.32 dollars.
