- Gold prices surged in Asian trading on Wednesday, driven by the appeal of buying the yellow metal as a haven, following the implementation of U.S. tariffs of 104% on China. Gold also received support as the dollar fell to its lowest level in six months.

- Spot gold jumped 1.6% to $3,031.02 per ounce. Gold futures expiring in June rose by 1.9% to $3,046.61 per ounce on Wednesday.

- Earlier this week, gold had fallen below $3,000 per ounce to its lowest level since March 13.

- The yellow metal reached an all-time high on April 3 after the announcement of the tariffs. Still, significant losses in other financial markets triggered a massive sell-off of gold to cover losses in different positions.

- Trump imposed a total 104% tariff on Chinese imports—a combination of prior duties and a new 50% increase announced on Tuesday, which helped support gold as a haven after coming into effect on Wednesday.

- Other tariffs included 20% on the European Union, 24% on Japan, 46% on Vietnam, 25% on South Korea, and 32% on Taiwan.

- China's Ministry of Commerce vowed to "fight to the end" if Washington proceeded with the new tariffs, raising concerns about further economic disruptions and triggering a risk-off mood in global markets.

- Market focus is now shifting to China's next steps, as well as any signals from the Federal Reserve on how it might respond to growing recession risks.

- Regarding other precious metals, silver futures jumped 1.8% to $30.210 per ounce, while platinum futures rose 0.5% to $916.65 per ounce.

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