World gold prices have not ended their record increase streak

At the close of trading on March 19, the world spot gold price increased by 13 USD to 3,027 USD per ounce. In the morning session on March 20, the market continued to rise, reaching 3,054 USD. This is the 15th time the precious metal has reached a peak this year.

"Gold prices hit a new record high after comments from Fed Chairman Jerome Powell. Gold is in a bull market after breaking above $3,000 and will continue to do so due to increased uncertainty and inflation concerns," said Tai Wong, an independent precious metals trader in the US.Reuters.

After a two-day policy meeting, the Fed kept interest rates unchanged, as expected by the market, at 4.25 - 4.5%. Fed officials raised their inflation forecast for this year and lowered their economic growth expectations after US President Donald Trump imposed a series of import tariffs.

In a press conference on March 19, Mr. Powell said that the process of controlling inflation this year may be slow, partly due to import tariffs. Early next month, Mr. Trump may announce additional reciprocal import tariffs and tariffs on some other industries.

Gold is often seen as a safe haven in times of inflation or economic turmoil. Since the beginning of the year, prices have risen more than 15%.

The market now sees a 66% chance of the Fed cutting rates again after June. Precious metals are more attractive in a low-interest-rate environment. The Fed said it still plans to cut rates by a total of 50 basis points (0.5%) this year.

Another reason for the gold price increase is geopolitical instability. Russia and Ukraine yesterday accused each other of violating an agreement to avoid attacks on energy infrastructure, just hours after President Trump and Russian President Vladimir Putin discussed the issue by phone.

While gold rose, other precious metals fell. Silver fell 0.7% to $33.80 an ounce. Platinum lost 0.3% to $994 and palladium fell 0.8% to $959.