Investing.com-- Gold prices fell in Asian trade on Tuesday, but remained close to recent peaks as safe haven demand was underpinned by concerns over higher U.S. trade tariffs and worsening relations between Washington and Beijing. The yellow metal had risen in overnight trade, coming within spitting distance of a record high amid persistent safe haven demand. This trend was furthered by U.S. President Donald Trump signaling that he still planned to impose 25% tariffs on Canada and Mexico by next week.This came after Trump over the weekend signed a sweeping executive order aimed at leveling more trade and investment restrictions against China, which could point to further worsening in relations Spot gold fell 0.5% to $2,947.73 an ounce, while gold futures expiring in April fell 0.3% to $2,952.99 an ounce by 01:03 ET (06:03 GMT). Spot prices hit a record high of $2,956.37 an ounce last week. Trump tariff threats, China jitters buoy gold Gold demand remained underpinned by Trump’s latest comments on tariffs against Canada and Mexico, both of which could be imposed as a March 4 deadline expires next week.Such a move is likely to draw retaliatory measures from the two countries, escalating a global trade war.Additionally, Trump’s hawkish stance against China could also draw more retaliation from Beijing. Trump had earlier in February imposed 10% tariffs on all Chinese imports, with Beijing imposing a slew of trade tariffs and export controls in retaliation. Bloomberg reported that Trump’s administration was considering tighter controls on chip exports to China, a move that could further draw Beijing’s ire.