KUWAIT CITY, March 3: Gold prices advanced on Monday, bolstered by a weaker dollar and heightened geopolitical uncertainty stemming from the Ukraine conflict and U.S. tariff policy concerns, reports Al- Seyassah daily.

As of 06:03 Kuwait time, spot gold rose 0.3% to $2,866.76 per ounce, while U.S. gold futures gained 1.1%, reaching $2,880.50. The dollar index slipped 0.4%, retreating from a two-week high recorded in the previous session, making gold more attractive to investors holding other currencies. “The early uptrend for gold in Asia today is likely to be driven by geopolitical risk factors due to the faltering of the expected peace deal between Ukraine and Russia,” said Kelvin Wong, senior market analyst for Asia Pacific at OANDA.

The uncertainty deepened following a tense meeting on Friday between Ukrainian President Volodymyr Zelenskyy and U.S. President Donald Trump, which ended in a sharp exchange, further unsettling global markets already grappling with weak economic data and trade policy volatility. Adding to market unease, U.S. Commerce Secretary Howard Lutnick announced on Sunday that tariffs on Canada and Mexico would take effect on Tuesday, pending Trump’s final decision on maintaining the planned 25% rate. Trump also confirmed an additional 10% tariff on Chinese goods, effectively doubling the previous 10% levy imposed on February 4.

Meanwhile, data released on Friday revealed an unexpected decline in U.S. consumer spending for January, raising concerns that persistent inflation could delay anticipated interest rate cuts by the Federal Reserve. Among other precious metals, spot platinum edged down 0.2% to $945.45 per ounce, while palladium climbed 1% to $928.54. Silver saw a 0.5% increase, trading at $31.30 per ounce.