Ammon News - Gold prices rose 1% on Wednesday as the dollar weakened after U.S. President Donald Trump's tariffs on China took effect, with most traders flocking to safe-haven bullion for cover as global trade tensions and recession fears intensified.

Spot gold was up 0.9% at $3,010.39 an ounce, as of 0500 GMT, after rising 1% earlier in the session. U.S. gold futures rose 1.2% to $3,026.90.

The dollar lost ground, making greenback-priced gold cheaper for overseas buyers.

Trump ratcheted up duties on Chinese imports to 104% to counter Beijing's retaliatory tariffs, accusing Beijing of manipulating the yuan to offset the levies. China refused to bow to what it called a blackmail, vowing to "fight to the end".

Country-specific tariffs took effect at 12:01 a.m. Eastern Time (0401 GMT), as planned.

Gold hit a record high of $3,167.57 on April 3. Its excursion to these levels has drawn comparisons with the last time political and economic turmoil were the main drivers of record prices, back in 1980 during the Iranian Revolution.

Spot silver was steady at $29.84 an ounce, platinum lost 0.2% to $919.10, and palladium firmed 0.2% to $908.81. Reuters