Jamie Spencer
Prices near record highs amid safe-haven demand
Gold prices rose on Wednesday, edging closer to their all-time high as investors sought safety ahead of President Donald Trump’s anticipated announcement of sweeping new tariffs.
Spot gold increased 0.4% to $3,123.05 an ounce by 01:46 a.m. EDT, while U.S. gold futures closed 0.6% higher at $3,166.20. The move follows a surge of more than $500 in 2025 alone, with prices hitting a record $3,148.88 just a day earlier.
“Risks remain that tariffs could stoke inflation, which has buoyed gold prices,” said Suki Cooper, analyst at Standard Chartered. “While a U.S. recession is not our base-case scenario, the risk of such has helped maintain strong interest in gold as a safe haven.”
Cooper added that if Trump’s tariff announcement falls short of market fears, some speculative positions in gold could be unwound, making the strength of physical demand crucial in defining price support levels.
Markets on edge ahead of “Liberation Day”
Trump is expected to unveil his tariff strategy at 4 p.m. EDT during a White House event. Branded “Liberation Day” by the administration, the plan will include reciprocal tariffs designed to match or exceed those levied on U.S. goods by other countries.
“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, traditionally seen as a hedge against political and economic instability, has benefited from uncertainty around tariffs and broader inflationary pressures this year.
Jobs data and other metals
The ADP National Employment Report on Wednesday showed that U.S. private payrolls grew at a faster pace in March, providing some reassurance about the health of the labor market. However, all eyes are now on Friday’s monthly U.S. employment report for further insights.
In other metals trading, spot silver held steady at $33.73. Platinum declined 0.9% to $970.25, while palladium slid 1.1% to $973.04.
