Gold steadied — after blowing through a series of record highs in the previous session — with rising economic and geopolitical risks supporting haven demand.

Bullion traded near $2,860 an ounce — having added 0.9% on Wednesday — after President Donald Trump said the US could take over Gaza, a comment that his aides sought to tone down, and that he wants to start working on a new nuclear deal with Iran. Washington is also expected to present a plan to end Russia’s war on Ukraine next week.

Worries about the fallout from the US-China trade war, as well as the possibility Trump will impose duties on other nations, are also supporting bullion’s role as a store of value in uncertain times. Gold has rallied by 9% this year, and the appetite for the precious metal from the world’s central banks shows no signs of slowing, World Gold Council said.

Markets are also waiting to see if there are any ripple effects for the US economy and monetary policy if tariffs reignite inflation. A report on Wednesday showed weaker-than-expected demand for services, suggesting activity could moderate in coming months as Americans tighten their belts.

Trade-war fears have also jolted precious-metals markets, with indications of increased demand for gold as major dealers seek to shift metal to the US before any tariffs are imposed. Gold in the Bank of England vault is trading at a discount to the wider market, as fears over potential Trump tariffs spark a scramble for bullion that’s resulting in weeks-long queues to withdraw metal.

Spot gold declined 0.2% to $2,860.37 an ounce as of 7:06 a.m. in London, after touching an all-time high of $2,882.36 on Wednesday. The Bloomberg Dollar Spot Index rose 0.1%, after declining 0.9% over the previous two sessions. Silver edged lower, while platinum and palladium were little changed.