Gold retreats from record high on profit-taking

Gold bars

Gold prices tumbled today, Feb. 25, as investors booked profits from the previous session's record high, but were set for an eighth straight weekly gain, amid strong safe-haven demand on rising concerns over US President Donald Trump's tariff plans.

April gold futures fell 0.52%, or $15.40, to $2,947.80 an ounce at 10:54 am Makkah time, after ending Monday's trading at $2,963.20 apiece.

Meanwhile, spot prices fell 0.68% to stand at $2,931.18 per ounce.

Elsewhere, March silver futures plummeted by 0.25% to $32.52 an ounce, with platinum spot prices also down 0.65% to $963.66 an ounce.

Trump has confirmed his intention to implement tariffs on Mexico and Canada on the scheduled date of March 4, after a 30-day deadline.

This has raised investor concerns about rising inflationary pressures globally and in the US due to Trump’s insistence on implementing his protectionist agenda.

These uncertainties have underscored investor appetite for safe-haven assets, which pushed bullion to a new record high yesterday — albeit it declined today due to profit-taking.