PRECIOUS-Gold retreats after hitting all-time high on Trump tariffs

By Ashitha Shivaprasad

April 3 (Reuters) - Gold prices took a breather on Thursday after surging to yet another all-time high following U.S. President Donald Trump's announcement of sweeping import tariffs, which drove investors to the safe-haven asset.

Spot gold XAU= was down 1.4% to $3,090.00 at 1130 GMT amid some profit-taking, having hit a record peak of $3,167.57 earlier in the day. U.S. gold futures GCcv1 were down 1.7% to $3,111.40.

Gold has continued to build on last year's rally, with prices rising 18% in 2025 as a combination of factors - including economic and geopolitical uncertainties, robust central bank purchases and increased flows into gold-backed exchange-traded funds - supported the metal. GOL/ETF

"Weaker trade, higher input costs and shrinking margins are badly hurting the stock market, while geopolitical mistrust is deepening," said Adrian Ash, director of research at BullionVault.

"Such a gloomy outlook for economic growth offers the perfect backdrop for further gains in gold."

Trump on Wednesday unveiled plans to slap a 10% tariff on most goods imported to the U.S., as well as much higher levies on dozens of rivals and allies alike. The far-reaching duties have sent global markets reeling amid concerns they could dampen economic growth and stoke inflation. MKTS/GLOB

Central banks are expected to help keep gold's stunning rally going this year, with buying aimed at further diversifying reserves away from the dollar. USD/

Analysts at ANZ said gold prices would push towards $3,200 over the next six months.

But Trump's tariffs do not apply to certain goods, including copper, gold, energy and "certain minerals that are not available in the United States", a White House fact sheet showed. Gold stocks in COMEX warehouses in the U.S. have jumped in recent months on fears import tariffs might curb shipments.

Spot silver XAG= slipped 4.7% to $32.44, its lowest since March 11.

Since the introduction of a minimum 10% baseline tariff in countries importing semiconductors, where silver is used extensively, demand has become a concern, said Reliance Securities' senior analyst Jigar Trivedi.

Platinum XPT= fell 2.6% to $957.60, and palladium XPD= lost 1.6% to $954.78.