(Adds U.S. market opening, byline, dateline; previous LONDON)
* U.S. stocks sell off as Trump orders spark concern over agenda
* Dollar dips vs yen; euro down on German inflation undershoot
* Gold edges higher on uncertainty created by Trump
By Herbert Lash
NEW YORK, Jan 30 (Reuters) - Equity markets fell across the world on Monday and the dollar slipped against the safe-haven yen after immigration curbs introduced by Donald Trump stirred concerns about the impact of the U.S. president's policies on global trade and the economy.
Stocks fell about 1 percent on Wall Street and Europe after Trump's executive orders on Friday to bar Syrian refugees and suspend travel to the United States from seven countries put the spotlight back on his protectionist bent.
The dollar fell against the yen as investors sought the traditional security of the Japanese currency and gold edged higher amid the heightened political uncertainty. Spot gold GCcv1 rose 0.73 percent to $1,197.10 an ounce, while the dollar slipped 1.03 percent to 113.87 yen.
The negative reaction to Trump's orders put Wall Street's main indexes on course for their worst day in more than three months.
The CBOE Volatility index .VIX rose 16.4 percent from multi-year lows though the index, known as Wall Street's "fear gauge," only rose to a one-week high.
Investor enthusiasm over expectations of a pro-business Trump agenda, especially tax and regulatory reform, had spurred a rally on equity markets, said Rick Meckler, president of hedge fund LibertyView Capital Management LLC in Jersey City, New Jersey.
"Those two things were most important," Meckler said. "We seem totally caught up now in immigration reform and travel restrictions. Those are not things the business community is necessarily excited about."
MSCI's all-country world stock index .MIWD00000PUS fell 1.14 percent, while the FTSEurofirst 300 Index .FTEU3 of leading pan-European stocks fell 0.99 percent. In Japan, the Nikkei .N225 fell 0.5 percent and Australian shares .AXJO slid 0.9 percent.
On Wall Street, the Dow Jones Industrial Average .DJI fell 208.23 points, or 1.04 percent, to 19,885.55. The S&P 500 .SPX lost 25.28 points, or 1.10 percent, to 2,269.41 and the Nasdaq Composite .IXIC dropped 78.07 points, or 1.38 percent, to 5,582.71. euro slipped to a 11-day low against the dollar after German inflation data came in slightly weaker than expected and took some pressure off the European Central Bank to wind down its stimulus program.
The euro EUR= fell 0.05 percent to $1.0689.
U.S. Treasuries were little changed ahead of policy meetings of the U.S. Federal Reserve on Tuesday and Wednesday and a heavy week of data that culminates with Friday's jobs report for January.
The Benchmark 10-year U.S. Treasury note US10YT=RR gained 2/32 in price to yield 2.4715 percent. 10-year yields DE10YT=TWEB dipped to 0.44 percent after inflation hit a 3 1/2-year high but, at 1.9 percent on the year, slightly undershot forecasts.
Oil prices fell as news of another weekly increase in U.S. drilling activity spread concern over rising output just as many of the world's oil producers are trying to comply with a deal to pump less to try to prop up prices. number of active U.S. oil rigs rose to the highest since November 2015 last week, according to Baker Hughes data, showing drillers are taking advantage of oil prices above $50 a barrel.
Global benchmark Brent crude oil prices LCOc1 were down 37 cents at $55.15 a barrel, while U.S. crude futures CLc1 traded down 59 cents at $52.58.