Gold continues to set records, and the US Federal Reserve's decision is expected today.

Gold prices rose in local markets during trading on Wednesday, with the ounce rising on the global stock exchange to record all-time highs. This was supported by growing demand for safe havens, geopolitical tensions, and recession fears.

Gold prices rose in local markets by about 25 Egyptian pounds during today's trading compared to yesterday's trading. The price of a gram of 21-karat gold reached 4,300 Egyptian pounds, while an ounce rose by about $31, reaching $3,040.

A gram of 24-karat gold reached 4,914 Egyptian pounds, a gram of 18-karat gold reached 3,686 Egyptian pounds, a gram of 14-karat gold reached 2,867 Egyptian pounds, and a gram of gold reached 34,400 Egyptian pounds. Gold prices rose in local markets by about 45 Egyptian pounds during trading on Tuesday. The price of a gram of 21-karat gold opened at 4,230 Egyptian pounds and closed at 4,275 Egyptian pounds. Meanwhile, the price of an ounce rose by $33 on the global stock exchange, opening at $3,001 and closing at $3,034.

Geopolitical and economic uncertainty increased demand for gold as a hedge, leading the price of an ounce to break consecutive, unprecedented records, reaching nearly 15 consecutive peaks. The ounce reached $3,045, its highest level ever.

Fears about a potential US economic slowdown and the growing risk of recession pushed investors toward gold. The resumption of conflict in the Middle East, particularly renewed attacks in Gaza, added further uncertainty. The reciprocal and sectoral tariffs proposed by former President Donald Trump, scheduled to take effect on April 2, have heightened inflationary concerns, boosting gold's appeal.

Gold prices remain supported by safe-haven demand, geopolitical tensions, and recession fears. Any declines in prices are likely to attract strong buying interest, given the uncertainty. However, a shift in the US Federal Reserve's monetary policy, and a move towards monetary tightening, would strengthen the dollar and push gold prices lower. Conversely, any signals that reinforce expectations of a rate cut would push gold to new record highs.

While markets await the Federal Reserve's interest rate decision and Fed Chairman Jerome Powell's press conference later today, the central bank is widely expected to keep interest rates steady at 4.25%-4.50%, maintaining its cautious approach to the economic uncertainty.