The Middle East tensions escalated, combined with weak US data, pushing gold prices to new highs.

On March 18, Jinshi data reported that Spot gold refreshed a historical high above $3000 per ounce, as investors weighed the intensified US economic slowdown concerns from the US data, while the escalation of Middle East tensions further highlighted the attractiveness of gold as a safe haven. Following a pump of about 0.6% on Monday, gold prices continued to edge up on Tuesday. Previously, Israel stated on Tuesday that it had launched military strikes on Hamas targets in the Gaza Strip, which could disrupt the fragile ceasefire protocol. Palestinian residents reported that Israel had carried out multiple airstrikes in several areas of the Gaza Strip. Meanwhile, traders were also digesting the US retail sales data for February, which showed a lower-than-expected increase. The yield on 10-year US Treasury bonds fell, which also helped to boost gold prices. Although these data indicate weak consumer spending, there is no sign of a significant decline in spending, and these data have hardly changed traders' bets on the Fed's interest rate cuts. Nevertheless, amid the risk of escalation in the trade war sparked by US President Trump, with deteriorating consumer confidence and increasing signs of financial pressure, businesses, investors, and economists remain cautious.