After strong declines recorded by gold at the end of last week’s trading and testing the $2832 level, the lowest since the beginning of February, the yellow metal returned to regain a large part of what it lost last week since the beginning of the week with the rise in tensions related to customs tariffs, as the yellow metal is trading in the middle of the European session today, Tuesday, March 4, at a rise for the second consecutive session above the $2900 level, coinciding with the decline in the general index of the US dollar.

Donald Trump confirmed yesterday, Monday, that the customs duties imposed by the United States of America on Canada and Mexico will come into effect today, Tuesday, after they were scheduled for the beginning of February and were postponed for a month.

He also added that he will impose additional customs duties of 10% on Chinese goods, so China responded this morning and announced tariffs of up to 15% on some American goods, which raised the state of tension in the markets and increased the state of uncertainty, accompanied by increases in safe havens, led by gold.

The US Dollar Index is trading today at 106.20, down more than 1.20% from the opening of the weekly session yesterday, Monday, amid market convergence on labor market figures at the end of the week’s trading.

Gold is trading at mid-day trading today, Tuesday, at $2,816 per ounce, up by about 0.80%, while silver is rising by about 0.30%, trading at $31.78 per ounce.

Platinum is trading at $962, up by about 0.15%, while palladium is falling by about 0.21%, trading at $935.