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Gold prices rose sharply on Thursday as markets closely follow the developments of the proposed tariffs that U.S. President Donald Trump plans to impose on countries taxing American imports. This potential escalation has heightened economic concerns, boosting demand for gold as a safe haven asset.

Strategic analyst at "IG Markets," Yap Jun Rong, stated that gold continues to play a crucial role as a hedge amidst trade uncertainty, with market participants seeking to minimize volatility in their investment portfolios.

Gold prices had fallen by more than 1% on Wednesday after U.S. inflation data for January showed a higher-than-expected rise in consumer prices. This reinforced the Federal Reserve's stance that it is in no rush to cut interest rates. However, with ongoing uncertainty surrounding the trade war, gold prices bounced back.

Despite the inflation concerns, the market is now focused on the upcoming Producer Price Index (PPI) data, set to be released later today. Meanwhile, expectations for interest rates remain steady, with no major cuts anticipated in the near term.

Markets await further developments and their impact on the precious metal.