The US dollar rose Monday after US President Donald Trump threatened to levy new tariffs on metal imports, prompting demand for the safe haven, while the euro retreated.

At 04:00 ET (09:00 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.2% higher to 108.140.

Litecoin was trading at $117.275 by 04:21 (09:21 GMT) on the Investing.com Index on Monday, up 10.51% on the day. It was the largest one-day percentage gain since January 30.

U.S. President Donald Trump’s move to slap tariffs on some of America’s closest trading partners this week would ultimately be positive for gold prices, according to analysts at RBC Capital Markets.

Last weekend, Trump unveiled 25% import tariffs on Canada and Mexico, as well as a 10% levy of China, arguing that they were in response to these countries’ perceived roles in the flow of illicit drugs and illegal immigration into the U.S.

The US dollar steadied Friday ahead of the release of the keenly-watched US monthly jobs report, while sterling gained in the wake of the Bank of England’s latest policy-setting meeting.

At 04:00 ET (09:00 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower to 107.465, and remained far below Monday’s high of 109.88.

Oil prices settled lower on Thursday after U.S. President Donald Trump repeated a pledge to raise U.S. oil production, unnerving traders a day after the country reported a much bigger-than-anticipated jump in crude stockpiles.

Brent crude futures fell 32 cents, or 0.4%, to settle at $74.29 a barrel. U.S. West Texas Intermediate crude fell 42 cents, or 0.6%, to $70.61.

Gold prices continued to trade near record levels seen earlier Wednesday as safe haven demand for the yellow metal was underpinned by persistent concerns over a brewing trade war between the U.S. and China. 

U.S. President Donald Trump’s comments on the U.S. taking over the Gaza strip and relocating Palestinians from the region also drove haven demand, given that it drew a sharp rebuke from several countries in the region. 

Oil prices fell Wednesday as US-China tariff tensions and rising US stockpiles kept traders cautious, while President Donald Trump’s call for tougher enforcement on Iran provided some support.

At 08:50 ET (13:50 GMT), Brent Oil Futures fell 1.1% to $75.35 a barrel, and Crude Oil WTI Futures dropped 1.1% to $71.94 a barrel.

The U.S. dollar's strength is expected to persist, despite potential market volatility, Wells Fargo (NYSE:WFC) strategists wrote in a note.

Market participants are likely to favor the U.S. dollar as a safe haven currency due to ongoing tariff threats. These threats are anticipated to come from the Trump administration, with a particular focus on the European Union (EU), which may affect market sentiment towards risk assets.

Bitcoin extended declines on Wednesday, failing to sustain gains above the key $100,000 level, as escalating U.S.-China trade tensions kept investor sentiment cautious.

Bitcoin was around 1% weaker at $98,536.0 as of 08:47 ET (13:47 GMT). 

The US dollar surged higher Monday, climbing to a three-week high after US President Donald Trump delivered on his threat of more trade tariffs, boosting demand for the safe haven.

At 04:30 ET (09:30 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 1% higher to 109.305, having hit a three-week high earlier in the session.