Gold prices were steady on Tuesday, after a record rally in the previous session, with investors cautious about the potential effects of President Donald Trump's tariffs and ahead of the U.S. economic data set to be released later this week.

China imposed tariffs on US imports in a swift response to new US duties, escalating the trade war between the world's top two economies even as Trump offered reprieves to Mexico and Canada

Gold rose to a new all-time high after US President Donald Trump imposed tariffs on Canada, Mexico and China, driving investors to safe havens, ING’s commodity analysts Warren Patterson and Ewa Manthey notes.