WASHINGTON (dpa-AFX) - Gold prices fell on Tuesday despite the dollar's weakness, as traders chose to take some profits after the yellow metal climbed to record highs in recent sessions.
Still, with its safe-haven appeal intact, gold continues to stay near record highs.
U.S. President Donald Trump said on Monday that his administration will impose tariffs on energy imports from Canada and levy tariffs on other goods from Canada and Mexico appear to have prompted investors to lighten commitments a bit.
Gold futures for February closed down $43.40 or about 1.47% at $2,904.50 an ounce, the largest drop in dollar as well percentage terms in more than 2 months.
Silver futures for February settled lower by $0.774 or about 2.4% at $31.801 an ounce, while Copper futures for February dropped to $4.4860 per pound, down $0.0310 or about 0.7%.
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.
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.
A report released by the Conference Board on Tuesday showed a significant deterioration by U.S. consumer confidence in the month of February.
The Conference Board said its consumer confidence index tumbled to 98.3 in February from an upwardly revised 105.3 in January.
Economists had expected the consumer confidence index to dip to 103.0 from the 104.1 originally reported for the previous month.
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