- Gold prices dipped slightly in Asian trading on Wednesday after hitting an all-time high in the previous session, as traders awaited specific details on the tariffs that U.S. President Donald Trump would announce on April 2.

- Gold prices fell by 0.3% to $3,116.24 per ounce after rising by 0.4% at the start of Asian trading. The yellow metal reached a record level of $3,149.03 on Tuesday.

- Futures contracts for gold, expiring in June, showed little change, settling at $3,146.06 per ounce.

- The yellow metal had recorded consecutive record highs over the past four sessions, but traders were cautious ahead of Trump’s tariff announcement, leading to increased volatility on Wednesday.

- President Trump is expected to impose widespread retaliatory tariffs on April 2, targeting a wide range of trade partners to boost American manufacturing and address trade practices deemed unfair.

- This initiative is called "Liberation Day" and is scheduled to begin at 3:00 PM Eastern Time (7:00 PM GMT) on April 2, with the measures set to take effect immediately afterward.

- These tariffs could raise consumer prices and negatively impact global economic growth.

- Market participants worldwide are awaiting specific details about the tariffs.

- The uncertainty surrounding these trade policies has driven investors toward gold, pushing it to record levels.

- The U.S. Dollar Index rose by 0.1% during Asian hours.

Conversely, palladium futures rose by 0.3% to $1,009.65 per ounce, while silver futures gained 0.7% to $34.523 per ounce.

- Weak economic data is affecting the Federal Reserve’s interest rate expectations. February’s Job Openings and Labor Turnover Survey (JOLTS) report showed a drop in job vacancies to 7.57 million compared to 7.76 million in January, indicating a gradual slowdown in the labor market amid rising economic uncertainties.

- Meanwhile, the Manufacturing Purchasing Managers' Index (PMI) dropped to 49.0 in March from 50.3 in February, signaling the sector’s contraction for the first time this year. This was due to a decline in factory orders and employment.

Analysts warn that weak economic data could complicate the Federal Reserve’s interest rate outlook. Restrictive policies might lead to a more significant slowdown in growth, while inflation risks arising from the new tariffs limit the possibility of policy easing.

- Market participants are now waiting for the non-farm payrolls report on Friday for further insights.

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