Spot gold rose 0.6% to $3,129.46 per ounce, while U.S. gold futures settled 0.6% higher at $3,166.20. Analysts see further upside, with $3,200 emerging as a short-term target amid rising market volatility.

Trump unveiled a 10% baseline tariff on all imports to the U.S., alongside steeper duties on major trade partners, including 34% on China and 20% on the European Union. The move rattled financial markets, weakening the U.S. dollar, which slipped 0.4%, making gold more attractive for investors holding other currencies.

Gold has gained over $500 in 2025, hitting an all-time high of $3,148.88 on Tuesday. Market watchers believe a break above key resistance levels could set the stage for further gains, with projections of $3,300 and beyond.

In other metals, silver rose 0.7% to $33.99 per ounce, platinum gained 0.7% to $986.18, while palladium slipped 0.8% to $975.93. Investors now await the U.S. employment report due Friday for further market direction.