The yellow metal is trading more than 2% higher in mid-European trading today, Wednesday, April 9, after sharp declines from its record high of $3,167 per ounce on Wednesday, the eve of US President Donald Trump’s tariff announcement. It then tested $2,956 earlier in the week before recovering a significant portion of its losses as the comprehensive tariffs took effect this morning.

With the beginning of Wednesday, April 9, the comprehensive tariffs imposed on several countries, most notably China, whose products are now subject to tariffs of up to 104%, have taken effect.

Demand for safe havens, particularly gold, has increased, especially after China escalated the trade war by imposing 84% tariffs on US goods this morning in response to the White House’s decision.

The US dollar index is down more than 0.70% today, trading at 101.80, amid anticipation of the minutes of the US Federal Reserve’s two-week-old meeting at the end of today’s US session.

Investors will be watching for any signs of a US interest rate cut amid rising recession fears due to the trade war. Gold is trading at midday today, Wednesday, at $3,062 per ounce, up about 2.50%, while silver is up about 2.54% at $30.59 per ounce.

Platinum is trading at $922, up about 0.15%, while palladium is up about 0.37% at $910.