Gold steady as concern looms over Trump's reciprocal tariff plans

Gold prices held steady on Wednesday as market participants squared positions ahead of U.S. President Donald Trump's sweeping reciprocal tariff plans, which they fear will fuel inflation and hinder economic growth.

FUNDAMENTALS

* Spot gold held ground at $3,020.87 an ounce as of 0026 GMT. U.S. gold futures was unchanged at $3,025.10.

* U.S. consumer confidence plunged to the lowest in more than four years in March, with households fearing a recession in the future and higher inflation triggered by tariffs.

* The spotlight is now on potential reciprocal tariffs that the U.S. administration might adopt on April 2, causing some nervousness in the market.

* Trump's tariff policies are likely to be inflationary, potentially slowing economic growth and intensifying trade tensions.

* Gold, traditionally seen as a hedge against geopolitical and economic uncertainties, has risen 15% so far this year, scaling an all-time peak of $3,057.21 on March 20.

* Several Federal Reserve officials are due to speak later in the day, offering more insights into this year's monetary policy as uncertainty looms over tariffs.

* Markets are awaiting the U.S. Personal Consumption Expenditures data on Friday for clues on the Fed's next moves.

* On the geopolitical front, the United States on Tuesday reached deals with Ukraine and Russia to pause their attacks at sea and against energy targets, with Washington agreeing to push to lift some sanctions against Moscow.

* Spot silver fell 0.3% to $33.65 an ounce and platinum eased 0.1% to $975.96. Palladium was steady at $956.12.

DATA/EVENTS (GMT) 0500 Japan Chain Store Sales YY Feb 0500 Japan Leading Indicator Revised Jan 0700 UK Core CPI YY, CPI YY Feb 0700 UK CPI Services MM, CPI Services YY Feb 1100 France Unemp Class-A SA Feb 1230 US Durable Goods Feb.