Gold is shining as Treasurys remain under pressure — but it’s probably too soon to write off U.S. debt as a safe-haven asset.

The U.S. dollar traded higher against most major currencies on Wednesday, but remained weaker against the yen after the Federal Reserve kept interest rates unchanged as economic uncertainty and tariffs continue to paint a murky outlook.

Gold fluctuated as investors tracked hostilities in the Middle East, with Donald Trump playing down the prospects of a ceasefire between Israel and Iran.