Gold steadied after an advance when President Donald Trump confirmed he would impose tariffs on trading partners, deepening concerns about the outlook for the global economy and sparking haven buying.

Bullion traded near $2,892 an ounce — following a 1.2% increase on Monday — as the US leader said Mexico and Canada couldn’t negotiate a reprieve from tariffs set to take effect Tuesday and then signed an order doubling levies on China to 20%. Geopolitical events were also in the spotlight, after a senior defense official said the US was pausing all military aid to Ukraine.

US government bond yields accelerated losses to fresh multi-month lows, while results from a manufacturing survey earlier Monday fanned investor angst about slowing growth. Lower yields tend to benefit the precious metal, as it doesn’t pay interest.

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After reaching a record high of just over $2,950 an ounce on Feb. 24, gold had its first weekly of decline of 2025 at the end of February, mainly driven by profit taking. Goldman Sachs Group Inc. analysts last month said that elevated policy uncertainty — including tariff fears — could help push gold prices as high as $3,300 an ounce by year-end.

Monday’s soft data added to a slew of other disappointing indicators in recent weeks that point to weaker housing, rising unemployment claims and a drop in personal spending. The reports have boosted wagers on Federal Reserve interest-rate cuts later this year — a scenario that also tends to add to bullion’s appeal as a non-yielding asset.