Gold prices fell from a record high on Monday after U.S. President Donald Trump excluded smartphones and computers from his reciprocal tariffs, although uncertainty around tariff plans kept prices above the significant $3,200 per ounce level.
Spot gold fell 0.4% to $3,223.12 an ounce, as of 1123 GMT. Bullion hit a record high of $3,245.42 earlier in the day.
“Market sentiment has improved a bit this morning after President Trump excluded electronics and smartphones from US tariffs. This has partly caused a dip in gold prices, likely due to profit-taking,” said Zain Vawda, an analyst at MarketPulse by OANDA.
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Gold is traditionally viewed as a hedge against geopolitical and economic uncertainty.
The White House on Friday announced exclusions of smart phones, computers and other electronics from steep reciprocal tariffs on China. On Sunday, however, Trump said he would be announcing the tariff rate on imported semiconductors over the week.
Any drop in gold prices is likely to be temporary, said Vawda.
“A US-China deal seems unlikely anytime soon, and global trade tariffs continue to pose challenges, keeping demand for safe-haven assets like gold strong. Additionally, the weakening US dollar adds further support to gold’s appeal,” Vawda added.
Goldman Sachs remained most bullish among major banks on gold, raising its year-end forecast to $3,700, citing stronger-than-expected central bank demand and heightened recession risks impacting ETF inflows.
Gold prices could potentially hit $4,500 by year-end in extreme tail scenarios where the market’s focus on the risks of Federal Reserve subordination or changes in U.S. reserve policy increases, analysts at Goldman Sachs said.
The US dollar hit its lowest level in three-years against its peers, making greenback-priced bullion cheaper for overseas buyers.
Spot silver rose 0.3% to $32.35 an ounce, while platinum added 0.9% to $951.46. Palladium gained 1.7% to $931.43.
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