Gold prices held were little changed on Wednesday, with the market's attention on US President Donald Trump's tariff policies and a key US inflation report due later in the day.

Spot gold was steady at $2,919.06 an ounce as of 0928 GMT, after rising 1 percent in the previous session. US gold futures inched up slightly to $2,924.80.

Investors are focused on the US Consumer Price Index data, due at 1230 GMT, for clues on the Federal Reserve's interest rate stance.

The Fed last year cut rates by 100 basis points, but has held steady since then. Traders are currently expecting the next cut in June.

In order "to see gold marching further up, we need to see a further slowdown of the US economy including lower price pressure," said independent analyst Giovanni Staunovo.

"The polices of the Trump administration such as tariffs keep financial markets volatile and support demand for safe haven assets, added Staunovo."

Trump's increased tariffs on all US steel and aluminum imports took effect on Wednesday, stepping up a campaign to reorder global trade in favour of the US and drawing swift retaliation from Europe.

Bullion is seen as a safe asset amid economic and geopolitical turmoil. It also tends to thrive in a low interest rate environment as it yields no interest.

Elsewhere, Ukraine accepted a US for a temporary one-month ceasefire with Russia, which can be later extended.

"The consolidation in the gold price is a welcome pause after gains of 11 percent year to date and it confers strength in future gains by forming a strong technical and physical floor to the market," said Ross Norman, an independent analyst.

Spot silver added 0.2 percent to $33.01 an ounce, while platinum gained 1 percent at $984.60 and palladium rose by 0.8 percent to $953.23.