Officials also expressed their worry about an economic slowdown and difficult trade-offs they may have to consider.

Gold prices steadied on Wednesday as investors assessed the U.S. Federal Reserve's May meeting minutes, which flagged rising inflation and recession risks, reinforcing gold's appeal as a safe-haven asset at a time when the global economic environment remains volatile.

Rising tariffs could reignite inflation and weaken the U.S. dollar’s safe-haven appeal, according to the Federal Reserve’s May meeting minutes released Wednesday, according to Benzinga. Officials noted that inflation,