India, March 4 -- Gold prices advanced on Tuesday as new U.S. tariffs threatened to escalate global trade tensions.
Uncertainty about prospects of peace in Ukraine and signs of a weakening U.S. economy also buoyed safe-haven demand for bullion.
Spot gold jumped 0.8 percent to $2,916.31 per ounce in European trade while U.S. gold futures were up 0.9 percent at $2,926.50.
In response to new U.S. tariffs, Canada announced 25 percent 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 percent tariffs on U.S. chicken, wheat, corn and cotton, plus 10 percent cent tariffs on soybeans, pork, beef and dairy b...