Gold prices are trading near record levels amid fears of trade wars. The price of an ounce of gold is around $2,910. Meanwhile, a gram of gold is changing hands at 3,413 Turkish lira.

Gold prices continue to hover near record levels. Today, an ounce of gold traded around $2,910. A gram of gold saw a slight decrease to 3,413 lira. A quarter of gold was priced at 5,604 lira.

Rising U.S. Treasury yields have put pressure on the yellow metal. However, fears of trade wars have supported demand for safe-haven assets. President Donald Trump imposed an additional 25% tariff on goods imported from Mexico and Canada. Tensions escalated with China raising its tariff to 20%. U.S. Secretary of Commerce Howard Lutnick mentioned that Trump could announce a compromise with Canada and Mexico, subject to the 25% tariff. In a speech to Congress, Trump stated that Ukraine is ready to come to the negotiating table. Additionally, the U.S. and Ukraine are expected to sign a minerals agreement today. On the other hand, recent data indicated a slowdown in the economy, strengthening expectations for interest rate cuts. U.S. Treasury Secretary Scott Bessent declared that they are determined to cut interest rates. Markets will closely follow U.S. employment data this week.