WASHINGTON (dpa-AFX) - Gold prices edged higher on Tuesday after U.S. President Donald Trump said he would reinstate tariffs on metal imports from Brazil and Argentina, stoking fresh concerns around global trade.
Spot gold rose 0.6 percent to $1,470.62 per ounce, while U.S. gold futures were up half a percent at $1,476.35.
In an early morning tweet, Trump said the tariffs,' effective immediately,' were necessary because 'Brazil and Argentina have been presiding over a massive devaluation of their currencies, which is not good for our farmers.'
Also, the Trump administration proposed to slap punitive duties of up to 100 percent on $2.4 billion (£1.87 billion) in imports of French Champagne, handbags, cheese and other products, saying a new French tax that hit American technology companies discriminated against the United States
Weak U.S. manufacturing data and worries that the U.S. could re-escalate trade tensions with China also kept investors' risk appetite under check.
China will soon release its so-called 'unreliable entity list,' imposing sanctions against those who harm China's interests, the business news arm of the country's nationalist tabloid Global Times said in a tweet early Tuesday morning.
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