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BENGALURU- Gold rose to hit a record high on Wednesday, as Middle East tensions and trade uncertainties lifted the bullion’s appeal, while traders awaited the Federal Reserve’s decision later in the day.
Spot gold held its ground at $3,035.12 an ounce, after hitting an all-time peak of $3,038.90 earlier in the session.
US gold futures firmed 0.1 percent to $3,042.20.
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“Traders are viewing gold as an asset which is well equipped to handle tariff-related economic uncertainty,” KCM Trade chief market analyst Tim Waterer said, adding that the current trading environment, where there is instability, is playing to gold’s strengths as an uncertainty hedge.
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