LONDON, March 6 (Reuters) - Gold stocks in COMEX-approved CME.O warehouses rose by 218,307 ounces to a record high of 39.7 million ounces, daily CME data showed, as residual inflows continued even after a major dislocation had wound down.

Since late November, when U.S. President Donald Trump pledged to impose import tariffs on Canada and Mexico, 22.1 million ounces of gold worth $64.5 billion were delivered to the Comex gold stocks, driving them up 126%.

Trump has not mentioned targeting precious metals with his wide-reaching import tariffs, but market players sought deliveries to cover existing Comex positions against such a possibility.

This activity widened the premium between U.S. gold futures GCcv1 and London spot prices XAU= and attracted those who sought to deliver to the Comex stocks and benefit from the price arbitrage.

With Comex gold stocks now equal to 4-1/2 years of U.S. total gold consumption, inflows have significantly slowed down in recent weeks.

"The gold story looks to be winding down, at least for now," said Adrian Ash, head of research at online marketplace BullionVault. "Comex gold futures are seeing lower volume and lower open interest. Their premium over London bullion quotes is falling too, now consistently running below $10 per ounce."

Gold lease rates in London, the world's largest over-the-counter gold trading hub, also eased in recent weeks, signalling improving liquidity after tightness in January caused by massive deliveries to the U.S.

"Lower lease rates for borrowing gold in London also suggest that the arbitrage has done its job, shifting more than enough metal across the Atlantic to smother any threat of U.S. trade tariffs on gold causing real price dislocation," Ash added.

(Reporting by Polina Devitt; Editing by Richard Chang)

((polina.devitt@thomsonreuters.com; Reuters Messaging: polina.devitt.thomsonreuters.com@reuters.net))