Gold prices held steady on Wednesday, remaining near record highs, as investor demand for safe-haven assets persisted in response to growing global uncertainty. Persistent risk aversion ahead of new US tariffs continues to support the bullion, with fears mounting that the measures could escalate global trade tensions.

Although the White House has not released full details, it confirmed the measures could take effect immediately after today’s announcement, and President Trump has suggested a broad international scope. Fears that such measures may fuel inflation and weaken growth could keep gold demand elevated.

Mounting geopolitical tensions also play a crucial role in gold prices. In the Middle East, expanded operations in Gaza could fuel concerns. In Eastern Europe, negotiations continue to lag, adding to the risks.

On the economic front, economic slowdown fears could continue to support gold while rate cut expectations, central bank purchases, and strong ETF inflows could help the asset maintain a bullish outlook.