Ammon News - Gold prices extended their gains on Tuesday, as uncertainty over U.S. President Donald Trump's tariff plans continued to dominate market sentiment, driving safe-haven demand amid fears of a potential global trade war.

Spot gold was up 0.6% at $2,914.75 an ounce, as of 0537 GMT. U.S. gold futures gained 0.9% to $2,927.90.

"We've seemingly got pretty significant central bank buying and that we've also got these potential shortages in Europe on the basis that there seems to be a rush to get gold in the U.S., to avoid possible tariffs," Capital.com's financial market analyst Kyle Rodda said.

"I think the trend remains bullish for gold - the fundamentals are good."

Since his inauguration last month, Trump has imposed a 10% tariff on Chinese imports, announced and delayed 25% tariffs on goods from Mexico and non-energy imports from Canada, set a date for 25% tariffs on imported steel and aluminium, and is planning reciprocal tariffs on all countries taxing U.S. imports.

Bullion, which hit a record peak of $2,942.70 on February 11, is viewed as a traditional hedge against rising inflation and economical uncertainties.

Spot silver fell 1.1% to $32.42 an ounce. Platinum gained 0.7% to $982.39, and palladium climbed 1.9% to $981.03. Reuters