Gold prices fell nearly 1% on Monday after rising to an all-time high in the previous session, as the U.S. dollar strengthened on mounting fears of a global trade war following U.S. President Donald Trump's sweeping tariff measures.

Gold edged higher at the open in Asia after President Donald Trump imposed sweeping tariffs on imports from Canada, Mexico and China, threatening trade wars that will spur inflation and damp global growth.

Spot gold fell 0.9% to $2,776.05 per ounce by 0303 GMT after prices hit a record peak at $2,817.23 on Friday. U.S. gold futures were 0.9% lower at $2,810.80.

Gold prices fell in early Asian hours on Monday, pressured by a stronger dollar as fears of a global trade war mounted after U.S. President Donald Trump imposed sweeping tariffs on Canada, Mexico and China over the weekend.

Gold prices rose to hit a lifetime high on Thursday while the focus was also on a crucial inflation report for clues on the Fed's policy path.

Safe-haven demand due to geopolitical uncertainties and concerns over global economic growth amid U.S. President Donald Trump's tariff plans have hoisted gold prices to a record high, once again bringing the key $3,

Investors should put faith in stalwart commodities such as gold and oil if they want to shield their portfolios from tail-risk scenarios such as tariff escalation. That’s according to Goldman Sachs strategists led by Samantha Dart,

Gold prices surpassed the key $2,800 mark for the first time on Friday, fuelled by a rush to safety following U.S. President Donald Trump's tariff threats, which heightened concerns about global economic growth and inflationary pressures.