PRECIOUS-Gold dips as dollar strengthens on Trump tariffs

Feb 3 (Reuters) - Gold prices fell in early Asian hours on Monday, pressured by a stronger dollar as fears of a global trade war mounted after U.S. President Donald Trump imposed sweeping tariffs on Canada, Mexico and China over the weekend.

FUNDAMENTALS

Spot gold XAU= dipped 0.6% to $2,784.84 per ounce by 0113 GMT. U.S. gold futures GCcv1 fell 0.3% to $2,825.80.

The U.S. dollar index .DXY hovered near a three-week peak, making greenback-priced gold more expensive for foreign buyers. USD/

Trump levied 25% tariffs on imports from Canada and Mexico and 10% on goods from China starting on Tuesday.

Canada and Mexico ordered retaliatory measures to Trump's 25% tariffs, which promise to jolt the economies of all three countries, while China said it would challenge tariffs at the World Trade Organization and take unspecified countermeasures.

Trump's tariff plans are widely perceived as inflationary, which could drive up safe-haven demand for bullion as it is traditionally seen as a hedge against price pressures and geopolitical uncertainty.

About 12.9 million troy ounces of gold have been delivered to COMEX-approved warehouses, the highest since July 2022 as investors flock to the safe-haven asset.

Meanwhile, COMEX gold speculators cut net long position by 3,766 contracts to 230,592 in the week to Jan. 28. CFTC/

Gold was also weighed down by some profit-booking after prices surpassed the key $2,800 mark for the first time last week, hitting an all-time high at $2,817.23. GOL/

Spot silver XAG= dropped 1.2% to $30.94 per ounce, platinum XPT= shed 1.1% to $967.20, and palladium XPD= was 0.5% lower at $1,003.26.

DATA/EVENTS (GMT)

0145 China Caixin Mfg PMI Final Jan

0850 France HCOB Manufacturing PMI Jan

0855 Germany HCOB Mfg PMI Jan

0900 EU HCOB Mfg Final PMI Jan

0930 UK S&P Global Manufacturing PMI Jan

1000 EU HICP Flash YY Jan

1000 EU HICP-X F,E,A&T Flash YY, HICP-X F, E, A, T Flash MM Jan

1445 US S&P Global Mfg PMI Final Jan

1500 US ISM Manufacturing PMI Jan