Gold edges higher in the early Asian session. EU and Canada unveiled retaliatory tariffs against the U.S. on Wednesday, further increasing prospects of a global trade war after the U.S. imposed levies on global steel and aluminum imports.
Such prospects could enhance the safe-haven appeal of the precious metal. There's uncertainty over the impact of tariffs on the U.S. economy amid talk of a recession, XS.com's Samer Hasn says in an email.
Market turmoil has also deepened due to President Trump's repeated "start-and-stop" over tariffs, Hasn adds. Spot gold is 0.1% higher at $2,937.82/oz.
Source: Marketwatch
