WASHINGTON (dpa-AFX) - Gold futures settled higher on Tuesday, extending gains from previous session, as the dollar weakened amid concerns about growth as new U.S. tariffs on Canada, Mexico and China took effect, and China and Canada announced retaliatory measures.
Uncertainty about prospects of peace in Ukraine and signs of a weakening U.S. economy also buoyed safe-haven demand for bullion.
The dollar index dropped to 105.88, losing about 0.8%.
Gold futures for March closed up $19.40 or about 0.67% at $2,909.60 an ounce.
Silver futures for March settled at $32.108 an ounce, gaining $0.076 or 0.24%, while Copper futures for March dropped to $4.5300 per pound, down $0.0465 or 1.02% from previous close.
In response to new U.S. tariffs, Canada announced 25% tariffs on $107 billion worth of U.S. goods, with $20.7 billion in immediate effect. Mexican President Claudia Sheinbaum said her country is preparing countermeasures.
China has announced 15% tariffs on U.S. chicken, wheat, corn and cotton, plus 10% tariffs on soybeans, pork, beef and dairy beginning March 10.
It is feared that U.S. President Donald Trump's 'tariffs on steroids' agenda may keep inflation higher and could tip the global economy into recession.
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