Gold nears all-time high

Gold prices rose towards their record high on Wednesday, supported by safe-haven demand as markets braced for US President Donald Trump’s latest tariff plans later in the day. Spot gold was up 0.4 per cent at $3,123.05 an ounce at 01:46am EDT (1746 GMT). US gold futures settled 0.6pc higher at $3,166.20. “Risks remain that tariffs could stoke inflation, which has buoyed gold prices. While a US 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. “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.