Gold prices dipped slightly during Asian trade yet remained close to all-time highs amid ongoing safe-haven demand. The metal approached new peaks as investors reacted to escalating U.S.-China trade tensions and potential tariffs on Canada and Mexico.

Factors Influencing Gold Price Trends

Latest Pricing:

• Spot gold: Down 0.5% to $2,947.73 per ounce.
• Gold futures for April: Down 0.3% to $2,952.99 per ounce.
• Last week’s record high: $2,956.37 per ounce.

Rising safe-haven demand was further escalated by President Trump’s reaffirmation of plans to impose 25% tariffs on Canada and Mexico.

Geopolitical and Economic Drivers of Gold Demand

• China’s potential retaliation has already led to new tariffs and export controls due to earlier U.S. sanctions.
• Inflation fears are keeping gold demand elevated as the future of the Federal Reserve’s rate trajectory remains uncertain.

Outlook: Will Gold Surpass New Highs?

Currently, gold is consolidating below its record high while traders await tariff developments. In the medium term, rising tensions and a weaker dollar could push gold past the $3,000 per ounce mark.

Key events to monitor are the upcoming tariff deadlines and updates on U.S.-China trade relations, which will significantly influence gold prices over the coming days.