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Gold prices hit a record high on Wednesday, bolstered by fears of a new trade war between the United States and China after Beijing slapped tariffs on U.S. imports in response to new U.S. duties on Chinese goods.

Spot gold rose 0.5% to $2,855.32 per ounce by 0501 GMT, after hitting a record high of $2,858.12 earlier in the session. U.S. gold futures gained 0.3% to $2,884.60.

"Gold continues to see safe haven demand, given the current situation on the trade tension front," Kelvin Wong, OANDA's senior market analyst for Asia Pacific, said.

U.S. President Donald Trump said on Tuesday he was in no hurry to speak to Chinese President Xi Jinping to try and defuse the trade tensions between the world's two largest economies.

China imposed targeted tariffs on U.S. imports and put several companies, including Google, on notice for possible sanctions in a measured response to Trump's tariffs.

"The next major inflection point for gold is probably the $3,000 figure... China may be more encouraged to keep buying gold for reserves if the trade war escalates," said Ilya Spivak, head of global macro at Tastylive.

Meanwhile, three Federal Reserve officials warned that the Trump administration's plans for trade tariffs posed inflation risks, and one argued that uncertainty over the price outlook called for slower interest rate cuts.

While gold is considered an inflation hedge, higher interest rates could dampen its appeal as the metal yields no interest.

Investors this week are watching out for the ADP employment report due at 1315 GMT and the payrolls report on Friday, which could shed more light on health of the U.S. economy.

"Gold demand ought to be partially supportive for other precious metals but their sensitivity to risk appetite has seen them underperform," Spivak said.

Spot silver rose 0.5% to $32.26 per ounce and platinum gained 0.8% to $970.95. Palladium fell 0.3% to $987.48.