On Thursday (February 20th) morning trading in the Asian market, spot gold fluctuated narrowly and is currently trading around $2935.43 per ounce. Gold prices hit a record high of $2946.88 per ounce on Wednesday before falling back to close at $2933.05 per ounce, close to flat. The K-line recorded a cross star, and despite investors feeling nervous about President Trump's latest tariff threat, the US dollar continued to rebound, prompting some bulls to take profits.

And according to the minutes of the Federal Reserve meeting, the potential impact of Trump's policies has raised concerns about rising inflation at the Fed. More importantly, Trump has called for "dictator" Zelensky to act quickly to ensure peace. The Kremlin has stated that Putin and Trump may meet before the end of February, and geopolitical concerns have cooled, suppressing safe haven demand for gold.

The US dollar index rose 0.13% on Wednesday, making gold more expensive for holders of other currencies.

Sprott Asset Management market strategist Paul Wong said, 'We are in an unusual state of high uncertainty... The catalyst is global tariff and trade negotiations or threats,' which provides support for gold prices.

Trump said on Tuesday that he plans to impose "around 25%" car tariffs and similar tariffs on semiconductor and pharmaceutical imports.

Federal Reserve officials are still uncertain about the potential impact of tariffs on inflation.

Federal Reserve policymakers stated at a policy meeting held about a week after Trump took office that his initial policy proposals have raised concerns about rising inflation at the Fed. Companies have told the Fed that they generally expect to raise prices to pass on the cost of import tariffs.

The meeting minutes released on Wednesday showed that the attending decision-makers "generally pointed out the upward risk facing the inflation outlook" rather than the risk in the job market. The attending decision-makers specifically mentioned several factors that may have an impact on inflation, including possible changes in trade and immigration policies, geopolitical developments that may disrupt supply chains, or stronger than expected household spending

Atlanta Federal Reserve Bank President Bostic said officials should be patient when assessing the potential impact of Trump's policies on the economy, pointing out that some policies may push up inflation while others may stimulate investment. I think we should pause for a moment, observe the economic trend, and then formulate policies for the next few months based on this information, "Bostic said on Wednesday." Before drawing any conclusions, I must first clarify what the policies are

Federal Reserve Vice Chairman Jefferson said that a strong economy allows policymakers to take their time and then consider further interest rate cuts. I believe that with a strong economy and a stable labor market, we can slowly evaluate the upcoming data to further adjust our policy interest rates

According to data from the London Stock Exchange Group (LSEG), traders currently believe that the Federal Reserve will cut interest rates at least once, by 25 basis points, with a 44% chance of a second rate cut before the end of the year.

In terms of the situation between Russia and Ukraine, US President Trump condemned Ukrainian President Zelensky on Wednesday as an "unelected dictator" and said he had better take swift action to ensure peace, otherwise there would be no country to govern.

Trump said he may meet with Putin this month. Putin stated in Moscow that Ukraine will not be banned from participating in peace talks, but the success will depend on the level of trust between Russia and the United States. Putin said that holding a summit with Trump would take time, and both expressed their desire to hold a summit.

Russian news agencies reported that a Kremlin spokesperson stated that Putin and Trump could meet as early as this month, although a face-to-face meeting would take time to prepare.

German Foreign Minister Belberg reiterated that Europe needs to participate in the current peace talks in Ukraine being conducted by the United States and Russia, but added that these negotiations can pave the way for future progress.

Investors need to continue to pay attention to Trump's updates and news related to the Russia Ukraine situation. In addition, the initial jobless claims for the week ending February 15th in the United States will be released this trading day. Chicago Fed President Goolsby, St. Louis Fed President Musalem, and Fed Governor Cugler will deliver speeches, and investors need to pay attention.