Gold rose to around $5,180 per ounce on Wednesday, recouping part of the previous session’s losses, supported by trade and geopolitical uncertainty.

US President Trump’s new 10% global tariff came into effect on Tuesday, with his administration seeking to hike it to 15%.

On Monday, Trump also warned that higher tariffs could be imposed on countries that “play games” with recent trade agreements.

Meanwhile, investors are watching the resumption of US-Iran nuclear talks on Thursday, with Iran vowing on Tuesday to do “whatever it takes” to secure a nuclear deal with Washington.

However, gains in bullion were limited by fading expectations for near-term monetary easing by the Federal Reserve.

Fed's Susan Collins said it is likely appropriate to hold interest rates steady for some time, as recent data point to an improving labor market while inflation risks persist.