Shares fell in Asia on Wednesday as AI darling Nvidia took a hit from U.S. curbs on chip sales to China, highlighting the damage to come in a tit-for-tat global trade war, while gold hit a record and the dollar stayed under pressure.

All of the uncertainties left gold in an unstoppable position, with the bullion up 1.2 percent to hit another record high of $3,266.65 per ounce. ANZ on Wednesday updated their forecast for gold to hit $3,600 an ounce by the year-end, arguing that the risk-off purchases for the asset are yet to pick up. U.S. Treasuries found some love after an epic sell-off last week, helped in part by Trump's tariff reversals.

According to FXStreet.com, the gold price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status.

As a yield-less asset, Gold tends to rise with lower interest rates, while a higher cost of money usually weighs down on the yellow metal.

Still, most moves depend on how the US Dollar behaves as the asset is priced in dollars (XAU/USD).

A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.

Gold Prices in Oman

24k - RO41.600

22k - RO38.900

18k- RO30.750

Trump’s tariff policies have resulted in heightened uncertainty, undermining the usual safe-haven appeal of both U.S. treasuries and the dollar.

Despite the recent 90-day tariff pause followed by the weekend announcement of exemptions on consumer electronics and semiconductors, separate sector-specific duties on these products are expected soon. Moreover, there remains a risk of trade wars with key partners, particularly China, which has kept the markets on edge.

The subsequent flight to safety has supported gold, which has risen by more than a fifth this year. Fed Governor Christopher Waller stated the inflationary impact of tariffs could likely be transitory, which means interest rate cuts are very much on the cards.

This, in addition to healthy central bank purchases and ETF inflows, is driving gold higher.

Price forecasts were recently revised higher to around $3,700 by the year-end and $4,000 by mid-2026. At present, gold is up 0.46% at $3,226.13, just within reach of its all-time high of over $3,245. It has support at $3,160 with the next 9-SMA support at $3,116 on the day chart.