Gold rose to around $5,180 per ounce on Wednesday, recouping part of the previous session’s losses, supported by trade and geopolitical uncertainty. US President Trump’s new 10% global tariff came into effect on Tuesday, with his administration seeking to hike it to 15% in an effort to rebuild its tariff agenda after the Supreme Court invalidated much of his sweeping levies. On Monday, Trump also warned that higher tariffs could be imposed on countries that “play games” with recent trade agreements. Meanwhile, investors are watching the continuation of US-Iran nuclear talks on Thursday, with Iran vowing on Tuesday to do “whatever it takes” to secure a deal with Washington. However, gains in bullion were limited by fading expectations of near-term Federal Reserve rate cuts. Two Fed officials said on Tuesday that they see no immediate need to adjust monetary policy, citing improving labor market conditions and persistent inflation.