PRECIOUS-Gold hovers near record high as Mideast woes, US tariff concerns linger

March 19 (Reuters) - Gold traded just below the record high hit in the previous session on Wednesday, supported by safe-haven demand spurred by geopolitical tensions and tariff uncertainty, while traders awaited the Federal Reserve's policy decision.

FUNDAMENTALS

* Spot gold XAU= fell 0.1% to $3,031.36 an ounce as of 0102 GMT. Bullion reached an all-time high of $3,038.26 per ounce on Tuesday.

* U.S. gold futures GCcv1 eased 0.1% to $3,037.90.

* Israeli airstrikes pounded Gaza and killed more than 400 people on Tuesday, Palestinian health authorities said, shattering nearly two months of relative calm since a ceasefire began, as Israel warned the onslaught was "just the beginning."

* Investors are worried about an economic slowdown and elevated risks of recession due to U.S. President Donald Trump's tariffs, which are widely considered likely to stoke inflation.

* The tariffs have flared up trade tensions and include a flat 25% levy on steel and aluminium, which came into effect in February, and reciprocal and sectoral tariffs to be imposed on April 2.

* Gold, historically considered a hedge against geopolitical and economic uncertainties, has gained over 15% year-to-date.

* Meanwhile, the Fed, which will conclude its two-day policy meeting later in the day, is expected to hold its benchmark interest rate steady in the 4.25%-4.50% range.

* Market participants also awaited Fed chair Jerome Powell's speech following the rate decision for clues on the central bank's monetary policy trajectory.

* Non-yielding gold thrives in a low interest rate environment.

* Spot silver XAG= fell 0.3% to $33.93 an ounce, platinum XPT= lost 0.3% to $994.60 and palladium XPD= eased 0.1% to $966.11.

DATA/EVENTS (GMT)

1000 EU HICP Final MM, HICP Final YY Feb