09:18 AM EST, 02/19/2025 (MT Newswires) -- Gold traded at a fresh record high early on Wednesday as safe-haven buying amid U.S tariff threats continues to support the metal.

Gold for April delivery was last seen up US$7.70 to US$2,956.70 per ounce, rising from Tuesday's record close.

The rise comes as fresh tariff promises from U.S. President Donald Trump continue to roil markets. Trump on Tuesday said he is mulling imposing a 25% tariff on U.S. imports of automobiles, semiconductors and pharmaceuticals. Trump said the levies could begin on April 2.

The threats are the latest from the U.S. administration, adding to a 10% levy on imports from China, along with a promised 25% tariff on imports from Canada and Mexico, the two largest U.S. trading partners, as well as on imports of steel and aluminum.

Gold prices are "supported by continued haven demand due to tariff threats and an elevated level of geopolitical uncertainty," Saxo Bank noted.

Gold's record high comes despite a rising dollar, usually a bearish indicator for commodities priced in the currency. The ICE dollar index was last seen up 0.07 points to 107.12.

Treasury yields were little changed, with the U.S. two-year note last seen paying 4.312%, down 0.2 basis points, while the yield on the 10-year note was up 1.1 points to 4.567%