LONDON: Gold prices rose towards their record high on Wednesday, supported by safe-haven demand as markets braced for US President Donald Trump’s latest tariff plans later in the day.

Spot gold was up 0.4 per cent at $3,123.05 an ounce at 01:46am EDT (1746 GMT). US gold futures settled 0.6pc higher at $3,166.20.

“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,” said Standard Chartered analyst Suki Cooper.

“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.

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 was little changed at $33.73, while platinum dropped 0.9pc to $970.25 and palladium was down 1.1pc to $973.04.

Published in Dawn, April 3rd, 2025