The dollar index fell on Wednesday amid worries over the impact of protectionist measures on US trade.
President Trump´s moves to impose tariffs on the likes of solar panels and washing machines have raised concerns with investors, showing that the administration´s generally protectionist tilt remains firmly in place.
In a similar vein, Japan has also indicated the Trans-Pacific trade pact could be signed in March, without the US.
The dollar index fell below the 90 mark for the first time since the end of 2014.
The dollar index was down 0.4% as at 0850 GMT. The US dollar was down 0.56% against the yen, as well as 0.37% and 0.6% lower against the euro and sterling respectively.
Gold was among the beneficiaries of dollar weakness on Wednesday, up 0.35% on the session. Silver was also 0.83% higher.
“Global investors are also concerned about potential trade wars... which is stirring up some risk-aversion trade, so that, in turn, is supporting gold," said Richard Xu, a fund manager at HuaAn Gold.
On Tuesday, President Trump unveiled steep tariffs on imports of washing machines and solar panels.
Shares in US washing machine maker Whirlpool appeared to be boosted by the news, rising over 3% in Tuesday´s trading session.
The Trump administration is imposing a 20% tariff on the first 1.2 million of imported large residential washing machines in the first year, and a 50% tariff on machines above that number. However, the tariffs fall to 16% and 40% respectively in the third year.
Imported solar cells and modules will be hit by a 30% tariff in the first year, falling to 15% by the fourth year.
At the same time, 2.5 gigawatts of unassembled solar cells can still be imported free from tariffs in each year.