Gold rose near $2,900 per ounce on Tuesday, driven by a weaker U.S. dollar and safe-haven flows due to mounting concerns about the U.S. economic outlook amid escalating trade tensions.
Concerns about the potential economic slowdown were exacerbated after President Donald Trump, in a Fox News interview on Sunday, said the U.S. economy faced a "period of transition", while refusing to rule out the possibility that his policies would cause a recession.
This comes after the U.S. delayed the 25% tariffs on many goods from Canada and Mexico for a month, while Canada has kept its initial retaliatory measures in place.
China also imposed additional tariffs on select U.S. farm products in response to Trump's latest tariff hikes on Chinese goods.
Meanwhile, Fed Chair Jerome Powell acknowledged rising economic uncertainty but indicated no urgency in cutting interest rates.
Investors now look forward to the U.S. inflation data later this week that could influence the Fed's monetary policy stance.
Source: Trading Economics
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