Gold prices steadied near all-time highs Wednesday, as traders awaited more clarity on fresh trade tariffs from the Trump administration.

At 08:05 ET (13:05 GMT), XAU/USD traded largely unchanged at $3,123.72 per ounce, just below Tuesday's all-time high of $3149.03. Gold Futures rose 0.5% to $3,161.31 an ounce.

Trump tariff details due

The yellow metal had hit consecutive fresh record-highs in the last four sessions, but traders were cautious on the day of Trump tariffs, leading to increased volatility on Wednesday.

U.S. President Donald Trump is poised to implement extensive reciprocal tariffs later in the session, a date Trump has termed "Liberation Day", targeting a broad spectrum of trading partners to bolster U.S. manufacturing and address perceived unfair trade practices.

These tariffs could elevate consumer prices and potentially dampen global economic growth, and the uncertainty surrounding these policies has driven investors toward gold, sending it to record highs.

"Gold is one of the best-performing major commodities this year, up 19% year-to-date, driven by trade frictions, economic uncertainty, central bank buying, and inflows into ETF holdings," said analysts at ING, in a note.

"President Trump's unpredictable trade policy has been the key driver for gold so far in 2025. We see uncertainty over trade and tariffs continuing to buoy gold prices."

Other precious metals were mixed. Platinum Futures rose 0.3% to $999.55 an ounce, while Silver Futures gained 0.8% to $34.588 an ounce.

Source: Investing.com