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

Spot gold was up 0.4% at $3,123.05 an ounce at 01:46 a.m. EDT (1746 GMT). U.S. gold futures settled 0.6% higher at $3,166.20.

"Risks remain that tariffs could stoke inflation, which has buoyed gold prices. 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," said Standard Chartered analyst Suki Cooper.

"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."

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 has said his reciprocal tariff plans aim to equalize the comparatively lower U.S. tariff rates with those imposed by other nations.

"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.

Among other metals, spot silver was little changed at $33.73, while platinum dropped 0.9% to $970.25 and palladium was down 1.1% to $973.04.

Source: Reuters