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Gold prices rebounded on Tuesday as the U.S.-China trade war escalated, helping revive the safe-haven demand for bullion.
Spot gold jumped 0.8 percent to $3,005.94 per ounce, while U.S. gold futures were up 1.6 percent at $3,021.39.
In an escalation of trade tensions, U.S. President Donald Trump has threatened to impose an additional 50 percent tariff on Chinese goods unless the country withdraws its new 34 percent tariff on U.S. goods.
He also threatened to terminate negotiations with China and said that "tough but fair parameters are being set" for trade talks with other countries.
Beijing said that the U.S. threat to escalate tariffs against China is a 'mistake on top of a mistake' and amounts to blackmail.
Elsewhere, European Commission President Ursula von der Leyen said the EU had offered U.S. President Donald Trump a "zero-for-zero tariffs" deal for industrial goods as part of the trade negotiations.
She has reiterated that the bloc was also prepared to impose countermeasures should talks fail. Trump promptly rejected the deal.
Amid rising market uncertainties, investors are reassessing their bets on how much the Federal Reserve will lower U.S. interest rates this year.
At least three reductions are now reflected in overnight interest-rate swaps this year, with the first fully priced in for June.
