Gold Holds Steady Near Record High Amid Trade War Concerns and Fed Meeting Minutes

Gold prices remained stable near a record high on Wednesday as investors closely monitored U.S. President Donald Trump's latest tariff plans and awaited the Federal Reserve's January meeting minutes.

Spot gold was unchanged at $2,932.35 an ounce as of 0019 GMT, staying close to last week's record of $2,942.70. Meanwhile, U.S. gold futures edged up 0.1% to $2,952.40.

Trump announced on Tuesday that he intends to impose 25% tariffs on automobiles, along with similar duties on semiconductor and pharmaceutical imports. He also indicated that auto tariffs could take effect as soon as April 2, following cabinet reports outlining potential trade measures.

Gold is traditionally seen as a safe-haven asset during times of economic and geopolitical uncertainty. Investors are also looking to the Federal Reserve’s January meeting minutes, set to be released later in the day, for insights into future interest rate policies.

San Francisco Fed President Mary Daly noted that inflation remains unpredictable, suggesting that the central bank should keep borrowing costs unchanged until further progress is seen.

On the geopolitical front, the U.S. administration confirmed it had agreed to further discussions with Russia regarding the war in Ukraine, following an initial meeting that excluded Kyiv.

Among other precious metals, silver rose 0.11% to $32.90 an ounce, while platinum fell 0.7% to $980.60, and palladium declined 0.4% to $983.48.

Key economic data expected later today include UK inflation figures and U.S. housing starts for January.

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