WASHINGTON (dpa-AFX) - Gold prices climbed to a near 3-month high on Wednesday on safe-haven buying amid uncertainty about U.S. President Donald Trump's trade policies and tariff threats.
The dollar's recovery from early weakness limited the yellow metal's upside. The dollar's early weakness was due to optimism about a couple of interest rate cuts by the Federal Reserve this year.
The dollar index, which fell to 107.75 in the European session, recovered to around 108.20 in the New York session, gaining about 0.12%.
Gold futures for January settled at $2,767.60 an ounce, gaining $12.60 or about 0.46%.
Silver futures for January closed down $0.072 or about 0.23% at $31.239 an ounce, while Copper futures for January dropped to $4.3000 per pound, losing $0.0410 or nearly 1%.
Trump reiterated his tariff threats, saying that his team was discussing a 10% tariff on China from February 1 to curb the flow of deadly drug fentanyl that is being sent from China to the U.S. via Mexico and Canada.
Trump also vowed to hit the European Union with tariffs after earlier announcing that he plans to impose 25 percent tariffs on imports from Canada and Mexico with effect from February 1.
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