March 26 (Reuters) - Gold prices edged higher on Wednesday to hover near all-time highs as concerns over the Trump administration's fresh tariffs boosted demand for the safe-haven metal, with markets awaiting U.S. inflation data later this week.
Spot gold was up 0.3% at $3,027.91 an ounce by 08:53 a.m. ET (1253 GMT). U.S. gold futures also rose 0.3% to $3,034.
"Gold remains underpinned by haven interest amid ongoing tariff uncertainties and geopolitical risks. Fresh record highs would bode well for attainment of my next upside target at $3,150," said Peter Grant, vice president and senior metals strategist at Zaner Metals.
U.S. President Donald Trump said on Monday that automobile tariffs are coming soon, but indicated that not all of his threatened levies would be imposed on April 2 and some countries may get breaks.
Investors worried that Trump's tariffs would stoke inflation and hinder economic growth are taking refuge in safe-haven assets like gold.
Gold, traditionally seen as a hedge against uncertainty and inflation, has risen more than 15% this year and hit an all-time peak of $3,057.21 on March 20.
"The precious metals bulls are enjoying a steady stream of safe-haven demand amid a general marketplace that remains a bit skittish due mostly to a disruptive U.S. trade and foreign policy," Jim Wyckoff, a senior market analyst at Kitco Metals, said in a note.
Market participants now look forward to U.S. personal consumption expenditures data due on Friday that could shed more light on U.S. rate cut path.
"Tame PCE inflation would reinforce those dovish leanings and provide ongoing lift for gold," Grant said.
The Fed held its benchmark interest rate steady last week but indicated it could cut rates later this year. Non-yielding bullion tends to thrive in a low interest-rate environment.
Elsewhere, spot silver gained 0.4% to $33.89 an ounce, while platinum eased 0.2% to $974.85. Palladium added 0.7% to $962.33.
Reporting by Brijesh Patel and Anmol Choubey in Bengaluru; Editing by Alexandra Hudson
