Gold prices retreated from record highs following news of possible easing of Trump's tariffs

On Monday, gold prices pulled back from record highs during Asian trade after the publication of reports that the US may introduce less stringent import tariffs on April 2 than it had been previously anticipated.

Bloomberg and the Wall Street Journal reported Sunday that Donald Trump is expected not to impose tariffs on automobiles, pharmaceuticals, semiconductors, and commodities on April 2, despite previously voiced intentions. Trump's reciprocal tariffs against trading partners are also expected to be limited to a group of 15 countries with significant trade imbalance with the US. Those would limit the tariffs' broader impact on the global economy.

However, the White House has not confirmed these reports, keeping markets uncertain.

Meanwhile, the recent weakening of the US dollar has limited the precious metal's losses. Gold prices remain close to recent highs amid persistent demand for safe haven assets due to global trade tensions and uncertainty over the outlook for the US economy.