Gold prices started near record levels amid uncertainties in the global economy and trade. In early trading, an ounce of gold was priced around $2,918. Meanwhile, a gram of gold changed hands at 3,390 Turkish Liras. The uncertainty in global trade and US inflation data kept gold prices near record levels. Gold began the day with a 0.5% increase at $2,918 per ounce. The price of gold per ounce had hit a record high of $2,940 on Tuesday. Grams of gold were exchanged around 3,390 Turkish Liras, while a quarter of gold was priced at 5,574 Turkish Liras. In the US, inflation rose more than expected with a 0.5% monthly and 3% annual increase in January. These inflation figures reinforced the Fed’s cautious stance on interest rate cuts. Expectations for rate cuts were postponed to December after the data. Fed Chair Jerome Powell stated during a presentation to the House Financial Services Committee, “Today’s inflation data shows that we are close to the target, but we have not yet reached it.” Following President Trump’s decision to impose a 25% customs duty on steel and aluminum imports at the beginning of the week, the White House announced that reciprocal tariffs could be revealed on Thursday. It is expected that these tariffs will be built on top of existing tariffs, which include a 10% customs duty on Chinese goods and a 25% duty on imports from Canada and Mexico. Powell emphasized that the authority regarding tariffs lies with the President and Congress, with the Department of Commerce involved in some aspects, stating that the Fed does not have a role in determining tariffs.