Trump has begun another trade war. Here's a timeline of how we got here
Canada's leader laments lost friendship with US in town that sheltered stranded Americans after 9/11
Chinese EV giant BYD's fourth-quarter profit leaps 73%
You're an American in another land? Prepare to talk about the why and how of Trump 2.0
Chalk talk: Star power, top teams and No. 5 seeds headline the women's March Madness Sweet 16
Purdue returns to Sweet 16 with 76-62 win over McNeese in March Madness
By Brijesh Patel
(Reuters) - Gold prices dipped on Monday, retreating from a record high hit earlier in the day, as risk appetite improved after the White House exempted smartphones and computers from steep tariffs on China.
Spot gold was down 0.7% at $3,213.69 an ounce, as of 01:52 p.m. ET (1752 GMT), after hitting an all-time high of $3,245.42. U.S. gold futures settled 0.6% lower at $3,226.30.
"Some risk-on trading here got us off the recent highs, but still the environment is pretty good for gold," said Bart Melek, head of commodity strategies at TD Securities.
Risk sentiment in wider financial markets ticked higher after Washington announced the exclusion of certain electronics from President Donald Trump's tariffs. [.N] [GLOB/MKTS]
"Perhaps some relief on the tariff front, with the exemption of some electronics (is) maybe taking some of the safe haven bid out," said Peter Grant, vice president and senior metals strategist at Zaner Metals.
"However, ongoing uncertainty about trade and tariffs, weakness in the dollar and softer yields tend to be supportive for gold."
Trump said on Sunday he would be announcing the tariff rate on imported semiconductors over the next week, keeping market participants on edge.
Supporting gold, the dollar was languishing near a three-year low against its rivals. [USD/]
The trade war between the United States and China has rattled global markets and driven investors into the metal, which is traditionally viewed as a hedge against geopolitical and economic uncertainty.
Goldman Sachs remained most bullish among major banks on gold, raising its year-end forecast to $3,700, citing stronger-than-expected central bank demand and heightened recession risks affecting ETF inflows.
Investment flows into Chinese physically backed gold exchange-traded funds so far this month have exceeded those for all of the first quarter and overtaken inflows registered by U.S.-listed funds, World Gold Council data showed.
Spot silver rose 0.1% to $32.27 an ounce, while platinum gained 1% to $952.1. Palladium rose 4.6% to $957.27.
(Reporting by Brijesh Patel, Ishaan Arora and Anmol Choubey in Bengaluru; Editing by Emelia Sithole-Matarise, Rod Nickel and Alan Barona)
