09:29 AM EST, 02/04/2025 (MT Newswires) -- Gold prices rose early on Tuesday, trading at a second-straight daily record high on safe-haven buying as Donald Trump postponed the start of 25% tariffs on imports from Canada and Mexico for 30 days.

Gold for April delivery was last seen up US$7.80 to US$2,864.90 per ounce, rising up from Monday's record close.

U.S. President Donald Trump on Monday agreed to delay tariffs on imports from Canada and Mexico, the country's largest trading partners, in return for border security measures, while going ahead with an immediate 10% tariff on imports from China. China is retaliating with targeted tariffs of up to 15% and export controls on strategic materials, including tungsten and tellurium, that take effect on Feb.10.

The delay to Canada and Mexico tariffs somewhat calmed markets, but concerns over the stability of U.S. trade policy under Donald Trump may continue to unsettle investors, keeping gold demand high.

"Ongoing tariff uncertainty bolstered demand for safe-haven assets. A softer dollar also provided support," Saxo Bank noted.

The dollar weakened early, with the ICE dollar index last seen down 0.56 points to 108.43.

Treasury yields were mixed, with the yield on the U.S. two-year note was last seen up 0.7 basis points to 4.272%, while the 10-year note was paying 4.586%, down 2.2 points.