Gold retreats from record high of $3,245.42
Goldman Sachs raises end-2025 gold price forecast to $3,700/oz
Palladium up more than 4%
Updates for market close
By Brijesh Patel
April 14 (Reuters) - Gold prices dipped on Monday, retreating from a record high hit earlier in the day, as risk appetite improved after the White House exempted smartphones and computers from steep tariffs on China.
Spot gold XAU= was down 0.7% at $3,213.69 an ounce, as of 01:52 p.m. ET (1752 GMT), after hitting an all-time high of $3,245.42. U.S. gold futures GCcv1 settled 0.6% lower at $3,226.30.
"Some risk-on trading here got us off the recent highs, but still the environment is pretty good for gold," said Bart Melek, head of commodity strategies at TD Securities.
Risk sentiment in wider financial markets ticked higher after Washington announced the exclusion of certain electronics from President Donald Trump's tariffs. .N GLOB/MKTS
"Perhaps some relief on the tariff front, with the exemption of some electronics (is) maybe taking some of the safe haven bid out," said Peter Grant, vice president and senior metals strategist at Zaner Metals.
"However, ongoing uncertainty about trade and tariffs, weakness in the dollar and softer yields tend to be supportive for gold."
Trump said on Sunday he would be announcing the tariff rate on imported semiconductors over the next week, keeping market participants on edge.
Supporting gold, the dollar .DXY was languishing near a three-year low against its rivals. USD/
The trade war between the United States and China has rattled global markets and driven investors into the metal, which is traditionally viewed as a hedge against geopolitical and economic uncertainty.
Goldman Sachs remained most bullish among major banks on gold, raising its year-end forecast to $3,700, citing stronger-than-expected central bank demand and heightened recession risks affecting ETF inflows.
Investment flows into Chinese physically backed gold exchange-traded funds so far this month have exceeded those for all of the first quarter and overtaken inflows registered by U.S.-listed funds, World Gold Council data showed.
Spot silver XAG= rose 0.1% to $32.27 an ounce, while platinum XPT= gained 1% to $952.1. Palladium XPD= rose 4.6% to $957.27.
Gold vs Doller https://reut.rs/4jbyCvo
(Reporting by Brijesh Patel, Ishaan Arora and Anmol Choubey in Bengaluru; Editing by Emelia Sithole-Matarise, Rod Nickel and Alan Barona)
((Brijesh.Patel1@thomsonreuters.com; Within U.S. +1 651 848 5832, Outside U.S. +91 9590227221; Reuters Messaging: Brijesh.Patel1.thomsonreuters.com@reuters.net))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.