Despite market turmoil caused by Trump’s tariffs, gold prices remain steady.

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.
On March 10, the China Commerce Ministry added 15 American businesses to an export control list and 10 American businesses to an unreliable entities list. The imposition of these tariffs has led to significant downturns in global equity markets. Significant losses were experienced by major indices like the Hang Seng in Hong Kong and the Nikkei 225 in Japan. 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.
While the US dollar was weak, other precious metals remained steady. Platinum Futures inched 0.1% lower to $969.20 an ounce, while Silver Futures ticked down 0.2% to $32.269 an ounce.Copper prices retreated slightly on Tuesday as Trump’s tariff policies weighed on the red metal.
Investors are cautiously awaiting China’s “Two Sessions” parliamentary meetings this week, seeking insights into potential economic stimulus measures aimed at bolstering domestic demand.
Increased infrastructure spending and industrial activity in China, the world’s largest copper consumer, could significantly boost demand for the metal.
Benchmark Copper Futures on the London Metal Exchange inched 0.2% lower to $9,395.45 a ton, while April Copper Futures were unchanged at $4.895 a pound.