According to Reuters, despite a wave of profit-taking from investors, gold prices today remained close to the $3,000/ounce mark after reaching this level in the previous session.
Gold prices are struggling due to escalating trade tensions between the US and other partners, threatening economic growth and exacerbating geopolitical tensions.
Spot gold increased 0.1%, reaching 2,988.68 USD/ounce at 7:15 GMT. Gold prices previously set a new record of $3,004.86 on Friday. US gold futures fell slightly by 0.3%, to $2,992.30/ounce.
Concerns that President Donald Trump's sweeping tariff policies will push prices higher and hurt the economy have become more evident after the new data showed consumer confidence fell to its lowest level in nearly two and a half years in March, while inflation expectations soared.

Regarding the risk of recession, US Treasury Secretary Scott Bessent said on Sunday that it is impossible to guarantee that the economy will avoid recession, even if there is still an adjustment.
"The recent increase in gold prices was driven by concerns about inflation," said Kelvin Wong, senior market analyst for the Asia-Pacific region at OANDA.
He said that gold's short-term momentum remains positive, with the next resistance levels at $3,016/ounce or $3,030/ounce.
Gold - a safe haven asset to economic uncertainty and inflation has increased by about 14% since the beginning of 2025.
Meanwhile, the US has said it will continue to attack the Houthi forces in Yemen until the group stops its attacks on ships, while the Israeli military has conducted airstrikes that have killed at least 15 Palestinians in the Gaza Strip in the past 24 hours.
However, geopolitical tensions eased somewhat after Donald Trump said he would meet with Russian President Vladimir Putin on Tuesday to discuss an end to the war in Ukraine.
The market is now waiting for the Federal Reserve's monetary policy meeting on Wednesday, followed by Fed Chairman Jerome Powell's speech.
"The Fed's raising inflation forecasts in the dot plot (an important economic forecast tool used by the Fed) along with Mr. Powell's suggestions for economic instability that could arise from tariffs could support gold prices to remain high," said Wong.
Among other precious metals, spot silver rose 0.1% to $83.81/ounce, platinum rose 0.4% to $997.04/ounce, while palladium rose 0.4% to $969.22/ounce.
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