Gold prices soared to a new peak on Wednesday as ongoing worries about US tariffs and worldwide instability bolstered the demand for safe-haven assets.

On Tuesday, Trump revealed intentions to implement tariffs "in the neighborhood of 25%" on automobiles, in addition to taxes on imports of semiconductors and pharmaceuticals, heightening trade conflicts. Moreover, diplomatic discussions between Russia and the United States kept investors alert.

The yellow metal rose by 0.39% to trade at $2,946.63 per ounce at 4:19 am ET.