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Gold held steady on Tuesday after U.S. President Donald Trump unveiled higher tariffs on imports from Japan, South Korea, and other nations, while a firm dollar and higher Treasury yields limited potential gains.

Spot gold was steady at $3,334 per ounce, as of 0220 GMT. U.S. gold futures remain unchanged at $3,344.20.

On Monday, Trump began telling trade partners that sharply higher U.S. tariffs would start on August 1, marking a new phase in the trade war he launched earlier this year, with tariffs on goods from Japan and South Korea set at 25%.

Trump said the August 1 deadline for implementing the tariffs was firm but that he would consider extensions if countries made proposals.

"Reciprocal tariffs" were capped at 10% until July 9 to allow for negotiations, but only agreements with Britain and Vietnam have been reached so far.

"Trump's latest tariff letters are keeping gold in the frame for investors as an uncertainty hedge, but a resilient U.S. dollar and higher bond yields are constraining the metal's immediate upside potential," KCM Trade Chief Market Analyst Tim Waterer said.

The yield on benchmark U.S. 10-year notes hovered near a two-week high, while the U.S. dollar index steadied after reaching a one-week high in the prior session.

Higher yields increase the opportunity cost of holding non-yielding bullion, while a stronger dollar raises gold's cost for holders of other currencies.

"Traders seem relatively unfazed by Trump's tariff letters, and with safe-haven demand largely contained at this point, gold is still just biding its time waiting for a topside breakout to potentially occur," Waterer said.

Trump's tariff policies have stoked inflation fears, further complicating the Federal Reserve's path to lower interest rates.

Minutes of the Fed's June meeting, expected on Wednesday, should offer more clues into the central bank's policy outlook.

Spot silver edged down 0.1% to $36.78 per ounce, platinum rose 0.6% to $1,379.29 and palladium gained 1% to $1,170.46.