Doha: Gold prices rose 1% on Wednesday, as the dollar weakened after new tariffs imposed by US President Donald Trump took effect, while most traders turned to gold as a safe haven amid escalating global trade tensions and recession fears. Spot gold rose 0.9% to $3,010.39 per ounce, after rising 1% earlier in the session. US gold futures rose 1.2% to $3,026.90.

According to Qatar News Agency, among other precious metals, spot silver was steady at $29.84 per ounce, platinum lost 0.2% to $919.10, and palladium rose 0.2% to $908.81. The shifts in the precious metals market are largely attributed to the current global economic climate, where investors are seeking stability in traditional safe-haven assets like gold.