Gold prices held steady near record highs, as market participants reacted to the announcement of new US tariffs and ongoing global uncertainties, which continue to drive demand for safe-haven assets. On Tuesday, US President Donald Trump unveiled plans to impose 25% auto tariffs, effective from April 2, along with levies on semiconductors and pharmaceutical imports. These measures could spark retaliatory actions from major economies like China, fueling risk aversion and supporting gold's short-term outlook. However, possible profit-taking at record highs could lead to temporary selling pressure.

Meanwhile, ongoing peace talks aimed at resolving the Ukraine and Russia conflict have introduced an element of uncertainty. Despite still being in the early stages, hopes for a resolution have increased following yesterday's U.S.-Russia meeting. Any complications in the peace talks could support gold while smoother developments could fuel risk appetite and drive investors away from gold.