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2025.04.1409:26:00UTC+00Gold Slips From Record High

Gold prices were subdued on Monday, after having touched record highs earlier in the session.

Spot gold slipped 0.2 percent to $3,229.56 per ounce in European trade after hitting a new record high of $3,245.42 per ounce earlier.

U.S. gold futures were little changed at $3,244.79, with a softer dollar helping cap bullion's downside.

The dollar remained weak after reports emerged that the Trump administration's exemptions on electronic devices from tariffs may not last long.

U.S. Commerce Secretary Howard Lutnick said Sunday that the exemptions aren't permanent and that smartphones and computers as well as other devices and components would be subject to "semiconductor tariffs" that will likely come in "a month or two," stirring up more tariff uncertainty.

Also, Trump said in a Truth Social post that these products are still "subject to the existing 20 percent Fentanyl Tariffs, and they are just moving to a different Tariff bucket.

Goldman Sachs has raised gold price target to $3,700 an ounce by end-2025, citing heightened concerns over the U.S. economy fueled by an escalation in the U.S.-China trade war.

In economic releases, U.S. reports on retail sales, industrial production, import and export prices and housing starts will be in the spotlight this week.

Several Fed officials are set to speak this week, including Fed Chair Jerome Powell on Wednesday.

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