Gold prices set a historic record on March 19, surpassing the $3,050 per ounce mark for the first time. April gold futures on the Chicago Mercantile Exchange rose by 0.38%, reaching as high as $3,052.20, according to trading data.

Prices later eased slightly to around $3,049.19. This unprecedented increase comes amid heightened geopolitical tensions and economic uncertainty. Investors remain concerned about a potential economic slowdown and rising recession risks driven primarily by U.S. President Donald Trump’s trade tariffs, which many experts believe could fuel inflation, Reuters reported.

New trade tariffs have escalated international tensions. In February, a uniform 25% tariff on steel and aluminum took effect, with further sector-specific and retaliatory tariffs scheduled for April 2.

“If the FOMC meeting strikes a dovish tone in response to growing uncertainty, this could provide further upward momentum for gold, potentially giving it the green light to move decisively beyond $3,050,” said Tim Waterer, Chief Market Analyst at KCM Trade.

The Federal Reserve concludes its two-day monetary policy meeting today and is widely expected to maintain its benchmark interest rate in the range of 4.25% to 4.5%, according to Reuters.