Gold prices rose over 2% on Wednesday as traders sought the safe-haven asset amid intensifying concerns about a global trade war and recession while a weaker dollar and the rising prospect of U.S. rate cuts lent support.

Spot gold was up 0.8% at $3,007.21 an ounce by 08:44 a.m. ET (1244 GMT), moving away from a more than three-week low touched on Monday in a pullback from last week’s record high of $3,167.57. U.S. gold futures gained 1.6% to $3,021.90.

Gold rose as traders braced for the US to increase tariffs on Chinese goods to as high as 104%, a move that Beijing is expected to retaliate against as hopes dim that a brutal global trade war can be avoided.