WASHINGTON (dpa-AFX) - Gold edged up to a record high on Monday amid escalating trade tensions between the U.S. and China.
Spot gold surged 1.4 percent to $2,901.02 per ounce in European trade while U.S. gold futures were up 1.3 percent at $2,925.99.
U.S. President Donald Trump has announced new 25 percent tariffs on all steel and aluminum imports, raising fears of a brewing global trade war and its potential impact on the global economy.
As China's retaliatory tariffs on U.S. goods take effect today, Trump also stated that he would announce reciprocal tariffs on Tuesday or Wednesday that mirror the tariffs those countries charge on American exports.
'If they are charging us 130 percent and we're charging them nothing, it's not going to stay that way,' he told reporters.
The dollar held steady after the latest jobs report painted a mixed picture of the world's largest economy.
Amid much uncertainty about the economic and rate outlook, traders now await the release of U.S. consumer and producer price inflation figures along with congressional testimony by Federal Reserve Chair Jerome Powell this week for direction.
The dollar gained while U.S. Treasury yields were flat as investors braced themselves for new tariff announcements.
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