Gold prices rose slightly in Asian trade on Tuesday, remaining pinned below recent record highs amid easing concerns over the severity of U.S. President Donald Trump’s planned trade tariffs.

But haven demand still remained relatively high amid uncertainty over just what tariffs will be imposed on Trump’s April 2 deadline. Investors were also cautious before a string of key economic readings this week.

Gold and other precious metals retreated from recent peaks this week, as risk appetite improved on reports that Trump’s tariffs will be less severe than feared. But weakness in the dollar limited bigger losses in metal markets, keeping them close to recent highs.

Spot gold rose 0.1% to $3,015.51 an ounce, while gold futures expiring in May rose 0.1% to $3,048.05/oz by 00:59 ET (04:59 GMT). 

Gold falls from record highs as Trump tariff concerns ease

Spot gold prices- which reflect near-term demand for physical gold- fell sharply from a record high of $3,057.51/oz hit last week.

Softer gold prices were driven chiefly by improving risk appetite, with Wall Street also rebounding sharply from recent lows this week.

Traders were seen increasing bets that Trump’s April 2 tariffs will not include key sectors such as semiconductors, automobiles, and pharmaceuticals. Trump’s reciprocal tariffs are also expected to be against a select group of about 15 countries, limiting their overall impact.

But the impact and scope of Trump’s policies still remained uncertain, keeping markets  biased towards havens. Gold still traded above the coveted $3,000/oz level, which it breached earlier in March. 

This notion saw the yellow metal clock some gains on Tuesday. Other precious metals also advanced, with silver futures rising 0.7% to $33.673 an ounce, while platinum futures steadying at $967.10 an ounce. 

Among industrial metals, benchmark copper futures on the London Metal Exchange rose 0.4% to $9,989.60 an ounce, while May copper futures jumped 0.9% to $5.1280 a pound. 

Copper prices were boosted by growing fears of a supply crunch, amid potential U.S. import tariffs and Chinese refinery closures.

PCE, GDP data awaited for more cues 

Focus this week was squarely on key U.S. economic data for more cues on the economy and interest rates. 

PCE price index data- which is the Federal Reserve’s preferred inflation gauge- will be the biggest point of focus this week. The print is due on Friday, with core PCE inflation expected to remain well above the Fed’s 2% annual target. 

Before that, a revised reading on fourth-quarter gross domestic product is due on Thursday. The print comes amid growing concerns over a potential U.S. recession- fears of which were exacerbated by uncertainty over Trump’s policies.