Gold traded at a fresh record high early on Wednesday as safe-haven buying amid U.S tariff threats continues to support the metal.

Gold for April delivery was last seen up US$7.70 to US$2,956.70 per ounce, rising from Tuesday’s record close.

The rise comes as fresh tariff promises from U.S. President Donald Trump continue to roil markets. Trump on Tuesday said he is mulling imposing a 25% tariff on U.S. imports of automobiles, semiconductors and pharmaceuticals. Trump said the levies could begin on April 2.

The threats are the latest from the U.S. administration, adding to a 10% levy on imports from China, along with a promised 25% tariff on imports from Canada and Mexico, the two largest U.S. trading partners, as well as on imports of steel and aluminum.

Gold prices are buoyed by ongoing haven demand amid tariff threats and heightened geopolitical uncertainty, noted Saxo Bank.

Gold has reached a record high even as the dollar rises, a factor typically seen as negative for commodities priced in dollars. The ICE dollar index recently increased by 0.07 points to 107.12.

Treasury yields remained relatively stable, with the U.S. two-year note recently at 4.312%, a slight decrease of 0.2 basis points, while the yield on the 10-year note increased by 1.1 points to 4.567%.