Gold traded at another record high mid-afternoon on Wednesday as the dollar fell ahead of the implementation of fresh U.S. tariffs that threaten to slow the country's economy, boosting safe-haven demand.

Gold for June delivery was last seen up US$22.20 to US$3,168.20 per ounce, topping Monday's previous record high of US$3,150.30.

U.S. President Donald Trump, in what he is calling 'Liberation Day', is expected to announce a new round of tariffs on imports from trading partners that are set to raise US$600 billion annually from U.S. consumers and companies, which CNN is calling the largest-ever U.S. tax increase.

The tariffs threaten to slow global growth and raise U.S. inflation, with nearly all global stock markets weakening over past weeks in anticipation of the stagflation scenario will cut into corporate earnings.

"Traders (are) now looking ahead to today's tariff announcement while pondering how much of the economic fallout has already been priced in," Saxo Bank noted.

The dollar weakened ahead of the president's announcement, with the ICE dollar index last seen down 0.45 points to 103.81. Treasury yields rose, with the U.S. two-year note last seen paying 3.924%, up 3.7 basis points, while the yield on the 10-year note was up 3.3 points to 4.21%

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