09:37 AM EST, 02/18/2025 (MT Newswires) -- Gold prices rose early on Tuesday even as the dollar advanced as safe-haven demand increases amid turmoil over U.S. trade policy.

Gold for April delivery was last seen up US$35.00 to US$2,935.70 per ounce, approaching Thursday's record high of US$2,945.40.

The rise comes as tariff threats from the Trump Administration continue to roil markets. The new U.S. president imposed a 10% tariff on imports from China and is threatening additional tariffs on imports from Canada, Mexico and Europe as well as on imports of steel and aluminum.

"Traders continue to seek shelter amid concerns over tariffs, US policy uncertainty and growing tensions between the US and the EU," Saxo Bank noted.

The dollar rose early, with the ICE dollar index last seen up 0.46 points to 107.03, rising off the lowest since Dec.11.

Treasury yields also rose, with the yield on the U.S. two-year note last seen up 2.0 basis points to 4.289%, while the 10-year note was paying 4.527%, up 4.7 points.