Gold prices were largely unchanged in Asian trading on Tuesday, supported by safe-haven demand as U.S. President Donald Trump's tariffs on Mexico and Canada came into effect.

Spot Gold was steady at $2,892.98 per ounce, while Gold Futures expiring in April gained 0.1% to $2,903.87 an ounce by 00:23 ET (05:23 GMT).

Gold steady as Trump tariffs on Mexico, Canada come into effect

At 5:01 GMT on Tuesday, President Trump's administration implemented 25% tariffs on imports from Mexico and Canada, aiming to address concerns over illegal immigration and drug trafficking.

Trump also signed an order on Monday to increase levies on Chinese goods to 20% – from 10% – which was earlier imposed on Feb. 4.

In response, China announced retaliatory tariffs on U.S. goods, imposing 15% duties on several agricultural products.

China's Commerce Ministry added 15 U.S. entities to an export control list and 10 firms to an unreliable entities list, set to take effect on March 10.

The imposition of these tariffs has led to significant downturns in global equity markets. Major indices such as Japan's Nikkei 225 and Hong Kong's Hang Seng suffered substantial losses.

In the U.S., the Dow Jones Industrial Average dropped 1.5%, while the NASDAQ Compositeplummeted  2.6% and the S&P 500 fell 1.8%, on Monday.

Gold remained steady, enduring appeal as a secure investment during periods of economic uncertainty.

Other precious metals were also steady as the U.S. dollar was muted. Platinum Futures inched 0.1% lower to $969.20 an ounce, while Silver Futures ticked down 0.2% to $32.269 an ounce.

Source: FXStreet