On Wednesday (March 26th), in the morning session of the Asian market, spot gold fluctuated narrowly and is currently trading around $3020.83 per ounce. Gold prices rose slightly on Tuesday, closing at $3019.84 per ounce, temporarily above the 3000 integer level. On the one hand, concerns about tariffs still provide safe haven support, and on the other hand, poor performance of US consumer confidence data dragged down the trend of US dollar and US Treasury yields, providing support for gold prices.

Jeffrey Christian, Managing Partner of CPM Group, said: "Investors are concerned about the global situation, especially US policies, so they are buying gold as an alternative asset because they are worried that the US government may push the world into a global recession“

Since the beginning of this year, the gold price has risen by over 15% and reached a record high of $3057.21 on March 20th.

The yield of US treasury bond bonds fell on Tuesday, depressed by weak consumer confidence data, and the cloud of uncertain economic prospects overshadowed the initial optimism that President Trump might show flexibility on the new round of tariff issues to be implemented next week.

Trump stated that not all of the tariff measures he threatened will be implemented on April 2nd, and some countries may receive exemptions. The Financial Times reported that Trump is considering implementing a two-step tariff system next week.

It is widely expected that Trump's tariff policies will drag down economic growth, trigger further trade tensions, and push up inflation.

On Monday, the initial value of the US Service Purchasing Managers' Index (PMI) released by S&P Global showed that the service industry was stronger than expected, which helped offset concerns about the recent contraction of the US economy.

However, according to the data released by the World Enterprise Research Institute on Tuesday, American consumer confidence fell for the fourth consecutive month in March. The consumer confidence index fell to a four-year low of 92.9, and household pessimism reached the highest point in 12 years. Since then, the yield of 10-year treasury bond bonds has fallen to an intraday low. The 10-year yield in the United States fell 2.7 basis points to 4.304% in late Tuesday trading, having previously reached a one month high of 4.369%.

Consumers remain pessimistic about income prospects and are still concerned about tariffs, "said Vinny Bleau, director of fixed income capital markets at Raymond James." People seem to be more inclined to believe that tariffs have a greater impact on economic growth than inflation

If import tariffs are fully implemented, the new tariffs are expected to primarily drive up inflation and harm economic growth, thus easing some market pressure with more targeted import tariff prospects.

However, investors are still dealing with uncertainty in fiscal policy and labor markets. Gennadiy Goldberg, head of US interest rate strategy at TD Securities, stated that interest rates are unlikely to break free from recent trends until there is a meaningful shift in the outlook.

Federal Reserve Governor Kugler also hinted on Tuesday at the challenges facing the economic outlook. In her prepared speech, Kugler stated that she believes progress in reducing inflation to achieve the 2% target is slow because the recent rise in commodity prices has been "unhelpful".

Atlanta Fed President Bostic said he expects the benchmark interest rate to only be lowered by 25 basis points by the end of the year. The Fed decided last week to keep interest rates unchanged and hinted at a 50 basis point rate cut later this year.

Investors are currently waiting for the release of the US Personal Consumption Expenditures (PCE) price index on Friday, in search of hints about further policy developments by the Federal Reserve. In addition, investors need to pay attention to the performance of the initial monthly rate of durable goods orders in the United States in February this trading day.

The United States has stated that it has reached separate agreements with Ukraine and Russia to ensure safe navigation in the Black Sea and prohibit both countries from striking each other's energy facilities. Investors need to pay attention to changes in market risk aversion sentiment.

On the 25th local time, the Russian Ministry of Defense released a war report stating that in the past day, the Russian military had taken control of one settlement each in the Donetsk and Zaporizhzhia regions. The Russian military continues to carry out strikes against Ukrainian forces in Sumy, Kharkiv, Donetsk, Kherson, and Zaporizhzhia. The Russian military also targets Ukrainian military airport infrastructure, drone control stations, ammunition depots, and other areas.

According to the Ukrainian International News Agency on the evening of the 25th, Ukrainian President Zelensky said during a media meeting that Ukraine has not reached any consensus with the United States and Russia on territorial issues, and the United States has agreed to hold a new round of talks on ceasefire details in the near future.

Zelensky said that there are two "most difficult issues" in negotiations with Russia, namely territorial issues and the issue of a comprehensive ceasefire. During the talks in Riyadh, the capital of Saudi Arabia, the Ukrainian American delegation did not discuss the territorial issue, but he believes that the US Russian delegation may have discussed it. Ukraine has not reached any consensus with the United States and Russia on territorial issues.

Zelensky said that the US believes that the ceasefire between Russia and Ukraine in maritime and energy facilities should begin immediately after the release of the joint statement between Ukraine and the US and Russia. The Ukrainian and American sides will supervise compliance with the ceasefire.

In addition, the parties also discussed the participation of third parties, especially Türkiye and Saudi Arabia, in ceasefire monitoring. Zelensky also said that there are differences in "one-fifth of the content" between the joint statements of Ukraine, the United States, and Russia. Both Ukraine and the United States have agreed to hold the next round of negotiations on the details of the ceasefire as soon as possible.