- Gold prices fell from record highs on Monday, pressured by a sharp rise in the dollar after U.S. President Donald Trump imposed trade tariffs on China, Canada, and Mexico.

- However, the yellow metal’s decline is expected to be short-lived, as it had seen a strong rise last week, thanks to a sharp drop in global stock markets and expectations of Trump's tariffs, which increased demand for safe havens.

- The dollar surged to a nearly one-month high, approaching its peak not seen in over two years after the tariffs were confirmed.

- Spot gold fell by 0.7% to $2,780.56 per ounce, while gold futures expiring in April dropped by 0.8% to $2,810.30 per ounce.

- Spot gold prices hit a record high of $2,817.57 per ounce last week.

- Trump imposed 25% tariffs on Canadian and Mexican imports, along with a 10% duty on China. All three countries objected to the tariffs and vowed retaliation.

- Trump had largely signaled the tariffs last week before signing an executive order to impose them on Saturday. The tariffs will take effect starting Tuesday.

- The dollar rose sharply after the tariffs were announced, putting pressure on metal markets.

- The tariffs may lead to higher inflation in the U.S., potentially limiting the Federal Reserve's ability to cut interest rates further. Despite strong short-term demand for safe havens, this could reduce gold’s long-term prospects.

- On the other hand, palladium futures dropped by 1.9% to $1,024.0 per ounce, while silver futures fell by 1.5% to $31.795 per ounce. Like gold, these metals had risen sharply last week.

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