Gold prices soared to near three-month highs on Wednesday, trading just below its record peak, fuelled by a soft dollar and lack of clarity around U.S. President Donald Trump's policy plans, which investors fear could trigger trade wars and elevate market volatility.

Gold held near the highest level since October, as traders considered the impact President Donald Trump’s latest tariff threats against China and the European Union could have on the global economy.

Gold, one of the few commodities that could benefit from potential tit-for-tat tariffs between the U.S. and its trading partners, climbed to its highest in nearly three months on Tuesday, supported by a weaker dollar and the lack of clarity around President Trump's potential tariffs.