- Gold prices fell in Asian trading on Monday, retreating further from record highs, with reports suggesting that U.S. President Donald Trump's tariffs on April 2 will be less severe than feared, which affected demand for gold as a haven.

- However, the limited decline in the dollar helped curb gold’s losses, while other metal prices recorded slight increases.

- Despite the pullback, gold remains close to its recent highs, as safe-haven demand is still supported by uncertainty surrounding the U.S. economy and Trump’s broader tariff plans.

- Spot gold fell by 0.2% to $3,018.51 an ounce, while gold futures expiring in May steadied at $3,049.30 an ounce. Spot gold had reached a record high of $3,057.5 an ounce last week.

- Gold prices fell following a rise in Wall Street futures, as markets bet that the economic impact of Trump’s tariffs would be less severe than previously thought.

- On Sunday, Bloomberg and the Wall Street Journal reported that Trump will not impose tariffs on cars, pharmaceuticals, semiconductors, and commodities on April 2, as previously threatened.

- It is also expected that Trump’s retaliatory tariffs will be limited to a group of 15 countries with large trade imbalances with the U.S., reducing their broader impact.

- However, the White House did not confirm these reports, leaving the markets uncertain. Tariffs on major U.S. imports are still expected to drive up domestic inflation and pressure economic activity.

- This outlook has kept safe-haven demand for gold relatively supported, with about a week left until the date for Trump’s tariff decision.

- Beyond tariffs, attention also remained on ongoing peace talks regarding Russia and Ukraine, as well as escalating tensions in the Middle East.

- A set of important U.S. economic data is expected this week, including purchasing managers’ index data, personal consumption expenditures price index data, and a revised fourth-quarter GDP print.

- Among other precious metals, platinum futures rose by 0.3% to $981.15 an ounce, while silver futures rose by 0.7% to $33.735 an ounce, after both metals recorded some losses last week.

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