Gold surged to an unprecedented level exceeding $3,000 per ounce, influenced by US data raising concerns about a potential economic slowdown. Additionally, escalating tensions in the Middle East added to the appeal of gold as a safe-haven asset.

Following a modest increase on Monday, gold prices saw a slight rise after Israel conducted military strikes on Hamas targets in Gaza, endangering an unstable ceasefire. Amidst this, US retail sales data for February showed lower-than-expected growth, leading to a drop in 10-year Treasury yields and a consequent rise in demand for gold.

Despite indications of subdued consumer spending in the US, there was no significant decrease and expectations for Federal Reserve rate cuts remained unchanged among traders. Uncertainty surrounding global economic conditions has emphasized gold's status as a reliable asset during uncertain times, with gold prices having surged over 14% this year following a strong increase in the previous year.

At present, spot gold was trading at $3,004.19 per ounce, having breached the $3,005 mark for the first time, while the Bloomberg Dollar Spot Index showed a minor increase. While silver prices remained stable, platinum and palladium experienced slight gains in the market.