02:00 PM EDT, 03/21/2025 (MT Newswires) -- (Updates prices.)

Gold moved down from a record high mid-afternoon on Friday as the dollar rose, pausing a run of eight days of gains that came on safe-haven demand amid worries U.S. trade policies will slow major economies.

Gold for April delivery was last seen down US$21.00 to US$3,022.00 per ounce.

The metal's record run has come on expectations U.S. President Donald Trump's enthusiasm for imposing tariffs on the country's largest trading partners will upset global trade flows. Trump is promising to impose blanket 25% tariffs on imports from Canada and Mexico on April 2, adding to the 25% levies it has already placed on aluminum and steel imports, while taxing imports from China at a 20% rate.

Concerns the tariffs will cut into corporate earnings have pushed equities lower, with the S&P 500 Index down 5.8% over the past month, while the Nasdaq Composite Index has shed 9.4% over the period, sending investors to the safety of gold.

"While a correction is long overdue, traders and investors continue to seek havens amid worries about slowing growth and higher tariff-related inflation," Saxo Bank noted.

The dollar rose early, with the ICE dollar index last seen up 0.27 points to 104.12. Treasury yields were mixed, with the U.S. two-year note last seen paying 3.959%, down 1.5 basis points, while the yield on the 10-year note was up 2.1 points to 4.255%.