Ammon News - Gold prices retreated on Monday from a record high hit earlier in the session as trade tensions eased after U.S. President Donald Trump exempted smartphones and computers from "reciprocal" U.S. tariffs.

Spot gold was down 0.1% at $3,232.45 an ounce, as of 0329 GMT. Bullion hit a record high of $3,245.42 earlier in the day.

U.S. gold futures edged 0.1% higher to $3,248.20.

The White House announced the exclusions from steep reciprocal tariffs on Friday. However, Trump bore down on Sunday on his administration's latest message that the exclusion of smartphones and computers from his reciprocal tariffs on China will be short-lived.

Gold prices vaulted on Friday over the $3,200-per-ounce mark for the first time as intensifying U.S.-China trade tensions rattled global markets.

Traders see around 80 basis points worth of cuts by the end of 2025.

Spot silver lost over 1% to $31.91 an ounce, while platinum added 0.6% to $948.45 and palladium gained 0.8% to $922.98. Reuters