Shafaq News/ Gold prices rosetowards their record high on Wednesday, supported by safe-haven demand asmarkets braced for U.S. President Donald Trump's latest tariff plans later inthe day.
Spot gold was up 0.5% to $3,127.23an ounce at 11:45 a.m. EDT (1545 GMT). U.S. gold futures were up 0.7% to$3,166.30.
"Risks remain that tariffscould stoke inflation, which has buoyed gold prices. While a U.S. recession isnot our base-case scenario, the risk of such has helped maintain stronginterest in gold as a safe haven," said Standard Chartered analyst SukiCooper.
"Ifthe tariffs are not as extensive as feared, some positioning could be unwoundin gold, in which case the physical market floor will be key in setting thedownside."
Trump, whohas been promoting April 2 as "Liberation Day," is expected tointroduce sweeping new tariffs on multiple countries at 4 p.m. EDT (2000 GMT)during an event at the White House.
The U.S.president has said his reciprocal tariff plans aim to equalize thecomparatively lower U.S. tariff rates with those imposed by other nations.
"Abreach of resistance at $3,147.41/$3,149.84 would bode well for a push to$3,200, and lend confidence to bullish outlooks that highlight $3,300 and$3,500," said Peter Grant, vice president and senior metals strategist atZaner Metals.
Gold, oftenused as a safe store of value during times of political and financialuncertainty, has risen more than $500 so far in 2025 and hit a record peak of$3,148.88 on Tuesday.
Meanwhile,the ADP National Employment Report on Wednesday showed U.S. private payrollsgrowth accelerated in March. The biggest jobs data this week will come onFriday with the release of the monthly U.S. employment report.
Among othermetals, spot silver rose 0.3% to $33.83, while platinum dropped 0.8% to $971.96and palladium was down 1.2% to $972.12.
(REUTERS)