Gold rose above $3,130 per ounce on Wednesday, climbing back toward record levels reached in the previous session, driven by risk aversion as markets braced for additional US tariffs that could escalate the global trade war. The White House did not disclose details on the tariffs' scope but said they would take effect immediately after being unveiled. President Trump also hinted the duties would impact many countries, raising concerns about broad economic fallout. Additionally, gold was supported by expectations of interest rate cuts, central bank buying, and strong demand for gold-backed ETFs. The Chinese gold ETF added 233,000 ounces of notional bullion over the past week. Meanwhile, recent U.S. economic releases showed weak jobs data and a poor manufacturing report. Investors are now focused on Friday's nonfarm payroll report for more insights into the Fed's rate path.

Source: Trading economi