Gold hit a new all-time high above $2940/oz. ounce, due to concerns about a possible escalation of trade wars after the U.S. imposed new tariffs. trade wars after the U.S. imposed new tariffs. However, before the release of data on U.S. inflation data, gold prices fell slightly. Powell noted that Fed is ready to cut rates in case of slowdown in inflation or weakening of the labor market, which may affect the future of the economy. labor market, which may affect the further dynamics of gold prices. Reduction rates, if the Fed takes such a step, will serve as a catalyst for weakening the U.S. dollar and may provoke the growth of gold prices to new highs. highs.