Gold prices have been hovering near record highs due to ongoing safe-haven demand. The price of an ounce of gold started the day around $2,930. Concerns about U.S. customs tariffs and global uncertainties are affecting gold prices. The price of an ounce of gold remained just below the record level of $2,941. Buyers found gold at 3,419 Turkish Liras per gram. Meanwhile, the price of a quarter gold coin rose to 5,618 Turkish Liras. President Donald Trump signaled a 25% tariff on automobiles, drugs, and chips, escalating trade tensions. He indicated that the automobile tariffs could come into effect by April 2. The White House raising the possibility of lifting sanctions on Russia during diplomatic talks has increased uncertainty, worrying Europe and Kiev. The Trump administration stated its willingness to engage in further discussions with Russia to end the conflict in Ukraine. San Francisco Fed President Mary Daly commented that progress in inflation remains uneven, asserting the need to keep interest rates stable. On another note, Singapore’s gold shipments to the United States reached the highest level in the past three years in January. Markets will be watching the release of the Federal Reserve (Fed) minutes tonight at 10:00 PM GMT.