WASHINGTON, April 2— Gold prices rose back towards their record high on Wednesday, supported by safe-haven demand as markets braced for United States (US) President Donald Trump's latest tariff plans later in the day.
Spot gold was up 0.5 per cent to US$3,125.82 an ounce at 10:32 a.m. EDT (1432 GMT). US gold futures were up 0.6 per cent to US$3,163.20.
"Risks remain that tariffs could stoke inflation, which has buoyed gold prices. While a US recession is not our base-case scenario, the risk of such has helped maintain strong interest in gold as a safe haven.
"If the tariffs are not as extensive as feared, some positioning could be unwound in gold, in which case the physical market floor will be key in setting the downside," said Standard Chartered analyst Suki Cooper.
Trump, who has been promoting April 2 as "Liberation Day," is expected to introduce sweeping new tariffs on multiple countries at 4pm EDT (2000 GMT) during an event at the White House.
The US president has said his reciprocal tariff plans aim to equalize the comparatively lower US tariff rates with those imposed by other nations.
"A breach of resistance at US$3,147.41/US$3,149.84 would bode well for a push to US$3,200, and lend confidence to bullish outlooks that highlight US$3,300 and US$3,500," said Zaner Metals vice president and senior metals strategist Peter Grant.
Gold, often used as a safe store of value during times of political and financial uncertainty, has risen more than US$500 so far in 2025 and hit a record peak of US$3,148.88 on Tuesday.
Meanwhile, the ADP National Employment Report on Wednesday showed US private payrolls growth accelerated in March. The biggest jobs data this week will come on Friday with the release of the monthly US employment report.
Among other metals, spot silver rose 0.3 per cent to US$33.84, while platinum dropped 0.8 per cent to US$971.25, and palladium was down 1.2 per cent to US$971.75.
— Reuters
