Gold prices took a breather Thursday after surging to yet another all-time high following U.S. President Donald Trump's announcement of sweeping import tariffs, which drove investors to the safe-haven asset.
Spot gold was down 0.5% at $3,119.09 by 1015 GMT amid some profit-taking, having hit a record peak of $3,167.57 earlier in the day. U.S. gold futures fell 0.9% to $3,138.
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 - supported the metal.
"Weaker trade, higher input costs and shrinking margins are badly hurting the stock market, while geopolitical mistrust is deepening," said Adrian Ash, director of research at BullionVault.
"Such a gloomy outlook for economic growth offers the perfect backdrop for further gains in gold."
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 central bank purchases of gold and strategic fund flows into the metal would push prices 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.
Spot silver slipped 4.4% to $32.54, its lowest since March 11.
Since the introduction of a minimum 10% baseline tariff in countries importing semiconductors, where silver is used extensively, demand has become a concern, said Reliance Securities' senior analyst Jigar Trivedi.
"This is why we are seeing selling pressure in silver," Trivedi said.
Platinum fell 2.4% to $960.45, and palladium lost 1.6% to $954.75.
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