Ammon News - Gold inched up on Thursday, helped by a pullback in the U.S. dollar, while investors awaited U.S. non-farm payrolls data due later this week to assess the Federal Reserve's interest rate trajectory as global trade tensions escalated.

Spot gold firmed 0.1% to $2,922.86 an ounce as of 0320 GMT, while U.S. gold futures added 0.2% to $2,931.60.

The dollar index wallowed near a four-month trough as the U.S. exempted automakers from the 25% tariffs on Canada and Mexico for a month as long as they complied with existing free trade rules.

U.S. President Donald Trump is also open to hearing about other products that should be exempted from the tariffs, the White House added.

Trump's tariffs have strained relations with Canada, Mexico, and China. While Canada and China have responded with tariffs of their own on select U.S. imports, Mexico has vowed to retaliate.

Worries over Trump's tariff policies pushed safe-haven gold to a record high of $2,956.15 on February 24 and helped it gain more than 11% year-to-date.

Gold is considered a hedge against political uncertainties and inflation.

"The $3,000 psychological level for gold appears increasingly within reach as prices resume their upward trajectory following a brief retracement," said IG market strategist Yeap Jun Rong.

Spot silver eased 0.2% to $32.56 an ounce, platinum added 0.1% to $966.95 and palladium shed 0.1% to $941.25. Reuters