Credit: Reuters

Spot gold eased 0.1% to $3,017.49 an ounce as of 0535 GMT. U.S. gold futures fell 0.2% to $3,021.30.

U.S. dollar strength is pressuring prices, said Kelvin Wong, senior market analyst, Asia Pacific, at OANDA, adding that "prices are now trapped in a sideways range due to uncertainty on how the planned 2 April U.S. reciprocal tariffs are going to be implemented."

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

"There are real concerns around U.S. economic growth and as well as inflation. U.S. is likely to face a stagflationary scenario, and that could support prices," said Soni Kumari, a commodity strategist at ANZ.

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

Gold, a hedge against geopolitical and economic instabilities, 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. Markets await U.S. personal consumption expenditures data on Friday for clues on monetary policy.

"We are forecasting $3,200 by September," ANZ's Kumari said, adding that any hawkish comment from the Fed could be a factor slowing gold's rally.

Elsewhere, the U.S. 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 0.5% to $33.57 an ounce.

At Mercury Gold, we offer a wide range of gold bars and coins for sale in Malaysia to suit your investment needs. As a trusted source for physical gold bullion in Malaysia, we also provide secure and convenient options, including gold savings accounts (Mercury Bullion Savings (MBS) program) which starts at just RM50. Discover the best place to buy gold in Malaysia with Mercury Gold, offering competitive prices and expert guidance on where and when is the best time to buy gold in Malaysia. Explore our platform to buy gold Malaysia online, to enjoy an easy and reliable experience. Invest with confidence and let Mercury Gold be your partner in building your investment goal.

Click here to view more.