Gold prices extend record-setting rally for 3rd straight session

Gold bars

Gold prices advanced to a record high for the third consecutive session today, March 17, thanks to the increasing safe-haven demand amid escalating trade tensions.

April gold futures grew 0.15%, or $5, to $3,006.10 per ounce — an all-time high.

Meanwhile, the US dollar index, which gauges the greenback’s strength against a basket of six major currencies, retreated by 0.35% to 103.38 points at 10:43 pm Makkah time.

Data released by the Census Bureau showed that US retail sales increased 0.2% month-on-month, compared to estof a 0.6% hike, following a 1.2% pullback in January.

Markets expect the Federal Reserve to hold interest rates steady at its policy meeting ending Wednesday.

In addition, all eyes are on the policymakers' quarterly forecasts to gauge the potential impact of President Donald Trump's hardline policies on the monetary policy outlook.