Gold prices fell nearly 1% on Monday after rising to an all-time high in the previous session, as the U.S. dollar strengthened on mounting fears of a global trade war following U.S. President Donald Trump's sweeping tariff measures.

Gold edged higher at the open in Asia after President Donald Trump imposed sweeping tariffs on imports from Canada, Mexico and China, threatening trade wars that will spur inflation and damp global growth.

President Donald Trump threatens to slap 25% tariffs on all imports from Canada and Mexico starting Saturday, sending shockwaves through global markets. While gold has historically dodged such duties, traders are on high alert—if this trade war escalates, the precious metal could be next in line.