09:25 AM EST, 02/05/2025 (MT Newswires) -- Gold rose for a third-straight session early on Wednesday, pushing to a fresh record high, as Donald Trump's tariff threats boost safe-haven buying and the dollar weakened.

Gold for April delivery was last seen up US$4.80 to US$2,880.60 per ounce.

The rise comes as the new Trump Administration in the United States roils markets with threats of starting a global trade war. Donald Trump this week imposed a 10% tariff on imports from China and postponed for 30 days planned blanket tariffs on imports from Canada and Mexico, the largest U.S. trading partners. He also threatened to place tariffs on imports from the European Union.

"Precious metals' ongoing rally has taken gold to a record ... amid worries that global tariffs will impede growth, raise debt levels, and increase inflation while boosting demand for safe-haven assets," Saxo Bank noted.

A two-day drop for dollar is also supporting gold. The ICE dollar index was last seen down 0.35 points to 107.61, down from 108.99 on Monday.

Treasury yields weakened, easing the carrying cost of owning gold. The U.S. two-year note was last seen down 0.6 basis points to 4.21%, while the yield on the 10-year note was down 4.1 points to 4.469%.