India, March 27 -- Gold prices climbed higher on Thursday on safe-haven buying after U.S. President Donald Trump's announcement of new 25% tariffs on autos and auto components imported into U.S.
Trump also posted on his Truth Social Platform that he will impose even steeper tariffs on the European Union and Canada if they collaborate to harm the U.S. economy.
Analysts said Trump's auto tariff threat will disrupt global trade and underpin local inflation.
Goldman Sachs and BofA have raised their gold price forecasts amid trade-war tensions.
A weak dollar supported gold's upside. The dollar index dropped to a low of 104.07 before recovering to 104.30, still down more than 0.2% from previous close.
Gold futures for March settled higher by...