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Gold prices dipped in Asian trading on Monday, retreating further from record highs as reports indicated that U.S. President Donald Trump’s April 2 tariffs may be less severe than feared, reducing demand for safe-haven assets.
However, a softer dollar helped limit gold’s losses, while broader metal prices advanced, supported by tightening global supply expectations—particularly in copper, which remains buoyed by U.S. tariffs and Chinese smelter closures.
Gold Prices Overview
- Spot gold: -0.2% to $3,018.51/oz
- Gold futures (May expiry): Flat at $3,049.30/oz
- Last week’s record high: $3,057.5/oz
Gold Pressured by Risk-On Sentiment
- Reports from Bloomberg & WSJ suggest that Trump will not impose tariffs on automobiles, pharmaceuticals, semiconductors, and commodities on April 2, contrary to earlier threats.
- The proposed reciprocal tariffs will reportedly be limited to 15 countries with large trade imbalances with the U.S., reducing broader economic risks.
- This fueled a jump in Wall Street futures, shifting investor appetite toward riskier assets and weighing on gold.
Market Uncertainty Keeps Haven Demand Intact
- The White House has yet to confirm these reports, keeping markets uncertain ahead of Trump’s tariff deadline.
- Despite easing tariff concerns, inflation risks remain, as tariffs on major U.S. imports could still drive up domestic prices and pressure economic activity.
- Geopolitical concerns, including Russia-Ukraine peace talks and Middle East tensions, continue to support gold’s appeal.
Key Economic Events to Watch
Investors will focus on a busy week of U.S. economic data, including:
- Purchasing Managers’ Index (PMI) data
- PCE Price Index data (Federal Reserve’s preferred inflation gauge)
- Revised Q4 GDP report
Other Precious Metals
- Platinum futures: +0.3% to $981.15/oz
- Silver futures: +0.7% to $33.735/oz
Both metals recovered slightly after posting losses last week.
Market Outlook
With gold prices still near record levels, investor focus remains on U.S. tariff clarity, inflation concerns, and geopolitical developments, all of which could drive volatility in safe-haven assets.
