Gold retreats as stronger dollar weighs; market eyes Trump’s tariffs, inflation outlook.

On Monday,Forex brokers business gold prices slightly retreated from record highs as a strengthening dollar put pressure on precious metal prices. Investors are closely following the latest statements from U.S. President Trump on tariff issues and awaiting key inflation data to assess future economic and policy directions.

Spot gold fell 0.6%, to $3006.84 per ounce, while U.S. gold futures fell 0.2% to a settlement price of $3015.60. Earlier this year, gold prices hit a record high 16 times and peaked at $3057.21 last week.

Bart Melek, head of commodity strategy at TD Securities, pointed out that after repeatedly reaching record highs, the market is in a consolidation phase, with the strengthening dollar exacerbating the pressure on gold's correction.

On Monday, the dollar index rose 0.2%, reaching a more than two-week high, which heightened investor sentiment to sell non-yielding assets like gold. The dollar's rise was partly in response to possible adjustments in tariff plans by the Trump administration. Previously, Trump hinted that the reciprocal tariffs set to be implemented on April 2 could have some flexibility, which intensified market concerns over inflation prospects and economic growth.

On the policy front, the Federal Reserve decided last week to keep interest rates unchanged and projected two rate cuts this year, each by 25 basis points. This policy path has increased focus on this week's upcoming March Personal Consumption Expenditure (PCE) Price Index—a key inflation indicator for the Federal Reserve.

Meanwhile, on the geopolitical front, U.S. and Russian officials held talks in Saudi Arabia, aiming to ease the situation in Ukraine and seek to establish a Black Sea maritime ceasefire agreement as a precursor to broader ceasefire efforts.

As for other precious metals, spot silver fell 0.3% to $32.94 per ounce; platinum fell 0.5% to $969.77; and palladium fell 0.7% to $951.10. These precious metals were also affected by the strengthening dollar and changes in market risk appetite.

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