WASHINGTON (dpa-AFX) - Gold prices inched higher on Monday amid dollar weakness after a slew of data released on Friday signaled a weakening U.S. economy.
The uptrend was also aided by tariff worries and increasingly unclear prospects for peace in Ukraine.
Spot gold rose 0.4 percent to $2,868.94 per ounce in European trade while U.S. gold futures were up 1.1 percent at $2,880.26.
The dollar retreated while the euro and the British pound advanced following a European summit on defense and Ukraine.
After the collapse of a hoped-for deal between U.S. President Donald Trump and Volodymyr Zelenskyy, the European Union said it is ready to work with all European partners and other allies on a peace plan to Ukraine that will ensure a just and lasting peace for Ukrainian people.
On the tariff front, it is feared that Trump's tariff threats may trigger a global trade war and stoke inflation.
U.S. Commerce Secretary Howard Lutnick on Sunday said that the tariffs on Mexico and Canada will go into effect as scheduled on Tuesday, but Trump will determine their exact levels before implementation.
Lutnick also indicated that an additional 10 percent tariff on Chinese imports remains on the table for Tuesday. China has already vowed to counter with all necessary measures.
Breaking his silence on the string of Trump's tariff announcements, legendary investor Warren Buffet has called them, 'an act of war, to some degree' in an interview with CBS over the weekend.
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