Ammon News - Gold prices rose on Thursday as U.S. auto tariffs ratcheted up global trade tensions ahead of an April 2 deadline for reciprocal tariffs from the world's largest economy.

Spot gold was up 0.6% at $3,036.11 an ounce, as of 0908 GMT. Prices reached a record high of $3,057.21 on March 20

U.S. gold futures gained 0.8% to $3,045.70.

U.S. President Donald Trump on Wednesday unveiled a 25% tariff on imported cars and light trucks starting next week, widening the global trade war.

Investors feared that Trump's reciprocal tariffs, expected to take effect on April 2, might fuel inflation, slow economic growth and heighten trade tensions.

Last week the U.S. central bank held benchmark interest rate steady, but indicated it could cut rates later this year. Non-yielding bullion tends to thrive in a low interest-rate environment.

Spot silver was steady at $33.7 an ounce, platinum fell 0.3% to $971.70 and palladium added 0.2% to $969.81. Reuters