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Gold futures settled higher on Wednesday, moving up for a second straight session, as data from the Labor Department showed U.S. consumer prices increased less than expected in the month of February.
Worries about global growth due to fresh tariffs by the Trump Administration on aluminum and steel also pushed up the demand for the safe-haven yellow metal.
The dollar stayed subdued on concerns the tariff war could significantly hurt economic growth.
Europe retaliated after Trump's increased tariffs on U.S. Steel and aluminum imports took effect. The EU said it will impose tariffs on 26 billion euros worth of U.S. goods from next month.
With regard to Canada, Trump reversed course on a pledge to double tariffs on steel and aluminum to 50%, minutes after the Canadian province of Ontario backed off its plans for a 25% surcharge on electricity.
Gold futures for March settled at $2,939.10 an ounce, gaining $26.20 or about 0.9%.
Silver futures for March closed up $0.596 or about 1.8% at $33.484 an ounce, while Copper futures for March climbed to around $4.8200 per pound, gaining about 1.7%.
On the economic front, data released by the Labor Department showed consumer prices in the U.S. increased by slightly less than expected in the month of February, edging up by 0.2%, after climbing by 0.5% in January. Economists had expected consumer prices to rise by 0.3%.
The report also said the annual rate of consumer price growth slowed to 2.8% in February from 3% in January. Economists had expected the pace of price growth to edge down to 2.9%.
