02:00 PM EDT, 03/24/2025 (MT Newswires) -- (Updates prices.)

Gold prices slipped mid-afternoon on Monday, falling for a second day off Thursday's record close.

Gold for April delivery was last seen down US$6.80 to US$3,014.60 per ounce. The metal closed at a record US$3,043.80 on March 20.

Despite the drop, gold continues to attract safe-haven buying amid violence in the Middle East and the acceleration of U.S. trade wars, with President Donald Trump expected to impose new tariffs on imports from Mexico and Canada, the largest U.S. trading partners, on April 2. If the move is confirmed, it would likely slow global growth, according to analysts.

"Gold trades steady after a 50-dollar correction on Friday ran out of steam before gaining some momentum with support emerging around $3,000. Yet the short-term outlook points to consolidation with news on 2 April tariffs and the wider market reaction to these being a major focus," Saxo Bank noted.

The dollar moved higher, with the ICE dollar index last seen up 0.3 points to 104.39. Treasury yields rose, with the yield on the U.S. two-year note last seen up 7.0 basis points to 4.037%, while the 10-year note was last seen paying 4.33%, up 7.2.9 points.