The market continues to be in a state of heightened uncertainty due to the threats of tariffs from the US. Gold, seen as a hedge against geopolitical risks and inflation, is in demand. Quotes of the precious metal are in the zone of historical maximums. An additional factor weakening the U.S. dollar and supporting the growth of the gold may be the discussion of the Federal Reserve of the U.S. suspension of balance sheet reduction. In this case, the dollar liquidity market may increase, which will support the growth of metal quotations. However, this is still only a discussion, which can only affect market expectations.