Gold prices remained flat to slightly lower on Monday, staying close to last week's record highs as investors sought safe-haven assets amid growing concerns over a U.S. economic slowdown and escalating trade tensions.

Key Highlights

• Spot gold: +0.1% to $2,940.18/oz
• Gold futures (April): Flat at $2,952.97/oz
• Record high last week: $2,954.97/oz

1. Economic Jitters, Trade Tariffs Boost Gold Demand

Gold prices continue to draw support from:

• Weak U.S. economic data: A softer PMI reading and low consumer sentiment raised concerns over slowing private spending.
• Trump's tariff threats: Potential new tariffs on key sectors are fueling uncertainty, increasing demand for safe-haven assets like gold.
• Stock market volatility: Asian markets tracked Wall Street losses on Monday, further driving risk aversion.

Gold remains a hedge against economic instability as fears of a U.S. slowdown grow, especially following disappointing retail sales data from January.

2. Dollar Weakness Supports Precious Metals

The U.S. dollar index fell 0.3% to a 2.5-month low, driven by:

• Speculation of Fed rate cuts to support the economy.
• Falling Treasury yields, which hit steep losses last week.

A weaker dollar makes gold more attractive to foreign investors, adding upward pressure on prices.

Other precious metals:

• Platinum: +0.6% to $994/oz
• Silver: Flat at $32.998/oz

3. Copper Prices Steady After Recent Rally

• LME Copper: -0.2% to $9,535.95/ton
• March Copper Futures: Steady at $4.6170/pound

Copper has seen strong gains in the past month, supported by optimism over Chinese demand. However, broader economic concerns are tempering the rally.

Market Outlook

Gold's near-record levels suggest continued safe-haven demand, but future movements will depend on:

• Upcoming U.S. PCE inflation data (Friday), which could influence Fed policy.
• Further developments in U.S. trade policies under Trump.

For detailed tracking of commodity trends, explore FMP's Commodity List API.