Spot gold was steady at $3,130.21 at 0834 GMT amid some profit-taking, after hitting a record peak of $3,167.57 earlier in the session.
SEATTLE (Scrap Monster): Gold prices took a breather on Thursday after surging to yet another all-time high after U.S. President Donald Trump's announcement of sweeping import tariffs drove investors to the safe-haven asset.
Spot gold was steady at $3,130.21 at 0834 GMT amid some profit-taking, after hitting a record peak of $3,167.57 earlier in the session.
U.S. gold futures were down 0.4% to $3,154.10.
Gold has continued to build on last year's rally, with prices rising 19% in 2025 as a combination of factors - including economic and geopolitical uncertainties, robust central bank purchases and increased flows into gold-backed exchange-traded funds - has supported the metal.
"The pervading tension created by tariffs has created deep uncertainty in financial markets and gold, as the ultimate flight to quality, is benefiting," said Ross Norman, an independent analyst.
"Picking a price top is difficult when you are at an all-time high, but it is clear gold has momentum. It is clear dips are bought aggressively and this confirms that underlying sentiment remains strong."
Trump on Wednesday unveiled plans to slap a 10% tariff on most goods imported to the U.S., as well as much higher levies on dozens of rivals and allies alike. The far-reaching duties have sent global markets reeling amid concerns they could dampen economic growth and stoke inflation.
Analysts at ANZ said that central bank purchases of gold, and strategic fund flows into the metal, would push prices higher towards $3,200 over the next six months.
But Trump's tariffs do not apply to certain goods, including copper, gold, energy and "certain minerals that are not available in the United States," a White House fact sheet showed. Gold stocks in COMEX warehouses in the U.S. have jumped in recent months on fears import tariffs might curb shipments.
Among other metals, spot silver slipped 2.7% to $33.12, an over one-week low. Platinum fell 1.5% to $969.25, and palladium lost 1% to $960.25.
Courtesy: www.reuters.com
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