On February 20th, the price of gold hit another record high in early European trading on Thursday and confirmed that it broke through the short-term trading range. US President Donald Trump's latest threat to impose tariffs on imports has dampened investor appetite for risk assets and continued to support demand for safe-haven gold. The global pursuit of safe assets has led to a decline in US Treasury yields, which in turn has put some downward pressure on the dollar, further supporting gold prices. Meanwhile, the Federal Reserve meeting notes released on Wednesday were hawkish, reiterating market expectations that the Federal Reserve will extend the suspension of interest rate hikes. This could be a boost to US Treasury yields and the dollar, which in turn could limit the upside for non-yielding gold prices. However, the slightly overbought conditions shown on the daily chart could further deter traders from taking new bullish positions in spot gold/USD, although the fundamental backdrop still supports the prospect of further gains in gold prices.