(Reuters) – Gold was little changed on Wednesday despite a lower dollar as investors held back from making large bets ahead of the release of U.S. payrolls data later this week, although trade war jitters kept prices above the key level of $2,900 per ounce.

Spot gold was down 0.1% at $2,913.79 an ounce as of 10:04 a.m. EST (1504 GMT). U.S. gold futures rose 0.1% to $2,923.70.

The bullion was subdued on the day despite the U.S. dollar dropping more than 1% to a four-month low. [USD/]

“There’s still buying interest out there now … there’s going to be some measure of caution ahead of Friday’s (payrolls data), but the underlying trend remains favorable,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.

Concerns about U.S. President Donald Trump’s tariff measures have driven up the prices of safe-haven gold to 11 record highs this year, peaking at $2,956.15 on February 24, and culminating in an overall year-to-date gain of 11%.

In an address to Congress late on Tuesday, Trump said further tariffs would follow on April 2, including “reciprocal tariffs” and non-tariff actions aimed at balancing out years of trade imbalances. That move would follow new 25% tariffs on most imports from Mexico and Canada that took effect on Tuesday, along with a doubling of duties on Chinese goods to 20%.

|Reuters