India, Feb. 12 -- Gold dipped below $2,900 per ounce on Wednesday after hitting a new record high in the previous session amid heightened global uncertainty and potential trade war fears.
Spot gold was down 0.2 percent at $2,893.14 per ounce in European trade while U.S. gold futures fell 0.6 percent to $2,916.01.
U.S. President Donald Trump could sign an order today to require that U.S. tariffs on imports match the tax rates charged by other countries.
The U.S. dollar held steady after Fed Chair Jerome Powell's remarks signaled a patient path for rate cuts.
In his first appearance before Congress since the inauguration, Fed Chair Powell indicated the central bank was in no rush to adjust its policy stance and described the economy as "s...