Gold firms

Gold gained on Thursday as markets closely tracked developments in US President Donald Trump's tariff plans, which could further escalate a global trade war, while investors awaited crucial US data due later in the day.

Spot gold added 0.6 percent to $2,922.29 per ounce as of 0528 GMT, moving back towards its record peak of $2,942.70 hit on Tuesday. US gold futures firmed 0.7 percent to $2,949.30.

Trump said that he would impose reciprocal tariffs as soon as Wednesday evening on every country that charges duties on US imports, in a move that ratchets up fears of a widening global trade war and threatens to accelerate US inflation.

"Gold continues to serve as a key diversifier amid trade uncertainties, as market participants seek to mitigate portfolio volatility," IG market strategist Yeap Jun Rong said.