Investing.com-- Gold prices fell slightly in Asian trade on Monday after racing to record highs, as safe haven demand remained underpinned by uncertainty over trade tariffs and a slowing economy. 

Haven demand was also boosted by increased geopolitical ructions in the Middle East, after the U.S. launched a wave of air strikes on Houthi rebels in Yemen in retaliation for their attacks on shipping lanes in the Red Sea. 

But this trend was undermined by some signs of progress in Russia-Ukraine ceasefire talks, with President Donald Trump stating that he will speak to Russian President Vladimir Putin on Tuesday. 

Gold also saw some profit-taking after reaching record highs above $3,000 an ounce last week. 

Spot gold fell slightly to $2,982.80 an ounce, while gold futures expiring in April fell 0.3% to $2,991.62 an ounce by 01:14 ET (05:14 GMT). Spot prices hit a record high of $3,005.08 an ounce on Friday. 

Tariffs, economic jitters keep gold strong 

Trump on Sunday evening repeated his threats of reciprocal and sectoral tariffs being imposed on April 2- a move that is widely expected to escalate a brewing global trade war. 

But markets were uncertain over just how much Trump will commit to the tariffs, given that he had earlier this month flip-flopped on measures against Canada and Mexico. 

Still, the two countries, along with China and the European Union, outlined retaliatory measures against the U.S., and are expected to impose even stricter measures against Trump’s reciprocal tariffs.

Fears of trade-related disruptions and a potential tariff-driven bump in inflation drummed up fears of a U.S. recession. 

Haven demand was also furthered by anticipation of a barrage of central bank meetings this week, most notably the Federal Reserve, Bank of Japan, and the Bank of England. 

U.S. industrial production and retail sales date is also set to provide more cues on the world’s biggest economy.

Other precious metals were a mixed bag after clocking strong gains in recent sessions. Platinum futures rose 0.5% to $1,018.0 an ounce, while silver futures fell 0.3% to $34.328 an ounce. Silver prices briefly touched a five-month high. 

Copper steady with China stimulus in focus 

Among industrial metals, copper prices steadied on Monday with focus squarely on more stimulus measures in China. Expectations of more support from Beijing had spurred a strong run-up in copper prices over the past month.

Benchmark copper futures on the London Metal Exchange rose 0.1% to $9,805.40 a ton, while May copper futures were flat at $4.8950 a pound. 

Sentiment over China- the world’s biggest copper importer- was boosted by Beijing announcing a host of measures to boost private consumption. Stronger-than-expected industrial production data also aided sentiment. 

Copper was also boosted by Trump flagging plans to impose 25% tariffs on all copper imports- a move that could severely tighten physical supplies in the U.S.