(Bloomberg) — Gold climbed toward a record ahead of US President Donald Trump’s implementation of sweeping “reciprocal” tariffs, which are expected to take effect later Wednesday.

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The precious metal rose as much as 0.7% before paring some of the gains, and was about $26 an ounce short of its latest high, reached in the previous session. The White House and Trump have been reticent to provide details of the targets and scale of the levies, which will apply right after they are rolled out at a 4 p.m. event in Washington.

The pending announcement has driven a new wave of volatility, including a US stock selloff. While uncertain times are generally good for gold — helping it set more than 15 records this year — investors are keen to see the impact of the next set of levies on trade, the global economy and geopolitics.

Bullion has been one of the strongest performing commodities this year, rallying 19% in the opening three months to post its best quarter since 1986. The ascent has been fueled by consistent central-bank buying, plus the rising tide of haven demand. Global holdings in bullion-backed exchange-traded funds have surged to the highest since September 2023.

Spot gold traded 0.2% higher at $3,119.89 an ounce as of 2:29 p.m. in New York, after peaking at $3,149 on Tuesday. The Bloomberg Dollar Spot Index edged lower. Silver rose while palladium and platinum fell.

–With assistance from Yvonne Yue Li.

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