April 14 (Reuters) – Gold prices dipped more than 1% on Monday, retreating from a record high hit earlier in the day, as risk appetite improved after the White House exempted smartphones and computers from reciprocal tariffs on China.
Spot gold was down 1.2% at $3,199.09 an ounce, as of 09:24 a.m. ET (1324 GMT), after hitting an all-time high of $3,245.42. U.S. gold futures fell 0.9% to $3,215.70.
“Some risk-on trading here got us off the recent highs, but still the environment is pretty good for gold,” said Bart Melek, head of commodity strategies at TD Securities.
Risk sentiment in wider financial markets ticked higher after Washington announced the exclusion of certain electronics like smartphones and computers from President Donald Trump’s reciprocal tariffs. GLOB/MKTS
“Perhaps some relief on the tariff front, with the exemption of some electronics maybe taking some of the safe haven bid out,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
“However, ongoing uncertainty about trade and tariffs, weakness in the dollar and softer yields tend to be supportive for gold.”
Trump said on Sunday he would be announcing the tariff rate on imported semiconductors over the next week, keeping market participants on the edge.
Supporting gold, the dollar was languishing near a three-year low against its rivals.
The trade war between the United States and China has rattled global markets and driven investors into the metal, which is traditionally viewed as a hedge against geopolitical and economic uncertainty.
Goldman Sachs remained most bullish among major banks on gold, raising its year-end forecast to $3,700, citing stronger-than-expected central bank demand and heightened recession risks impacting ETF inflows.
Elsewhere, spot silver slipped 1.1% to $31.91 an ounce, while platinum gained 0.5% to $947.05. Palladium rose 3.4% to $946.36.
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