Gold Dips as Trump’s Tariff Plans Ease, Copper Rises on Supply Worries

Gold prices edged lower in Asian trading on Monday, retreating from record highs amid signs that U.S. President Donald Trump’s planned April 2 tariffs may be less severe than expected. Reports from Bloomberg and the Wall Street Journal suggested that Trump may exclude key sectors like automobiles, pharmaceuticals, semiconductors, and commodities from the tariffs. The potential narrowing of targets to just 15 countries with large trade imbalances reduced safe-haven demand for gold and boosted market sentiment.

Spot gold slipped 0.2% to $3,018.51 per ounce, while May gold futures held steady at $3,049.30. Last week, spot gold had touched a record high of $3,057.50. A softer U.S. dollar helped limit gold’s losses, but investor appetite for risk grew as Wall Street futures climbed.

Still, uncertainty lingered as the White House did not confirm the tariff reports. With a week left before the deadline, concerns remain that new trade policies could drive inflation and slow the U.S. economy, keeping gold demand supported. Ongoing geopolitical tensions, including the Russia-Ukraine conflict and Middle East unrest, also contributed to underlying demand for precious metals.

Other precious metals saw modest gains, with platinum futures up 0.3% at $981.15/oz and silver futures climbing 0.7% to $33.735/oz.

Copper prices rose on expectations of tighter supply. Benchmark copper on the London Metal Exchange added 0.6% to $9,927.90 per ton, while May futures gained 0.3% to $5.1305 per pound. Concerns grew as Trump proposed a 25% tariff on copper imports, and several Chinese smelters reportedly considered production cuts. Optimism over potential stimulus in China, the world’s largest copper consumer, also supported prices.