WASHINGTON (dpa-AFX) - Gold traded lower on Tuesday after hitting a record high on Monday, fueled by safe-haven demand amid concerns over Trump's tariff plans and inflows into the world's largest gold-backed ETF.
Spot gold dipped 0.4 percent to $2,940.38 per ounce in European trade, after scaling a fresh record high of $2,956.15 in the previous session. U.S. gold futures were down 0.3 percent at $2,953.31.
Investors booked profits as the dollar clawed back losses on renewed tariff worries. U.S. President Donald Trump said Monday that tariffs he unveiled on Canada and Mexico will proceed as planned once the monthlong delay ends next week.
Trump also stated at a White conference that the U.S. has been 'taken advantage of' by other nations and he would impose reciprocal tariffs to 'make up a lot of territory.'
The Trump administration is also taking significant steps to curb Chinese investment in key American industries, further straining relations between the two economic giants.
In a recent memorandum, Trump has directed the Committee on Foreign Investment in the US (CFIUS) to impose tighter restrictions on Chinese spending in technology, energy, and other strategic sectors.
In economic releases, the U.S. consumer confidence data for February is due later in the day, followed by a slew of other economic data later in the week, including the Federal Reserve's preferred readings on consumer price inflation on Friday.
Several Fed officials are speaking this week, with most of them likely to reiterate the cautious message on further interest-rate cuts.
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