- All eyes on tariff announcement at 4 p.m. EDT (2000 GMT)
- Spot gold hit record high of $3,148.88 per ounce on Tuesday
- US private payrolls accelerate in March
- US monthly employment report due on Friday
Gold prices rose to nearly a record high on Wednesday, supported by safe-haven demand as markets braced for details of U.S. President Donald Trump’s latest tariff plans later in the day.
Spot gold was up 0.4% to $3,123.74 an ounce as of 9:15 a.m. EDT (1315 GMT). U.S. gold futures also gained 0.4% to $3,158.70.
“You have a very unsettled economic and political environment in the world and that’s going to keep investors buying gold and keeping gold price high,” said Jeffrey Christian, managing partner of CPM Group.
Trump, who has been promoting April 2 as “Liberation Day,” is expected to introduce sweeping new tariffs on multiple countries at 4 p.m. EDT (2000 GMT) during an event at the White House.
The U.S. president said his reciprocal tariff plans aim to equalize the comparatively lower U.S. tariff rates with those imposed by other nations.
Investors are worried that Trump’s tariffs will stoke inflation and hinder economic growth and are taking refuge in safe-haven assets like gold.
“A breach 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 at Zaner Metals.
Gold, often used as a safe store of value during times of political and financial uncertainty, has risen more than $500 so far in 2025 and hit a record peak of $3,148.88 on Tuesday.
“If the tariffs set to take effect today are implemented, demand for safe-haven assets could rise further, as this scenario has not yet been fully priced in,” said Ricardo Evangelista, senior analyst at brokerage firm ActivTrades.
Meanwhile, the ADP National Employment Report on Wednesday showed U.S. private payrolls growth accelerated in March. The biggest jobs data this week will come on Friday with the release of the monthly U.S. employment report.
Among other metals, spot silver rose slightly to $33.76, while platinum dropped 0.4% at $975.51, and palladium was down 0.3% to $980.51.
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