Gold dipped on Monday as the dollar strengthened, while traders awaited fresh catalysts after a recent rally pushed prices to record highs, fueled by geopolitical concerns and hopes of US rate cuts.
Spot gold was down 0.1% at $3,022.21 an ounce, as of 0526 GMT. US gold futures rose 0.2% to $3,026.30.
Gold reached a record high of $3,057.21/oz on Thursday.
The dollar index was hovering near its highest level since March 7, making greenback-priced gold less affordable for overseas buyers.
"Gold is still well-positioned for further upside if markets remain edgy about the possible negative growth effects of tariffs, but this could be partially offset if a Russia-Ukraine ceasefire deal comes closer to fruition," KCM Trade chief market analyst Tim Waterer said.
A US delegation will seek a ceasefire in the Black Sea and broader peace in Ukraine during talks with Russia on Monday. Meanwhile, an Israeli airstrike on a hospital in Gaza on Sunday killed five people, including a Hamas political leader.
US President Donald Trump announced reciprocal tariffs set to take effect on April 2, likely to drive inflation and hinder economic growth.
However, Trump hinted on Friday there would be some flexibility regarding tariffs.
"President Trump has left some wiggle room for the reciprocal tariffs to potentially be less severe than feared, which has lowered market anxiety to a degree but ... it has also sapped the gold price of a bit of momentum," Waterer said.
Zero-yield bullion is seen as a hedge against geopolitical turmoil, economic uncertainties, and inflation.
The US Federal Reserve held its benchmark rate steady in the 4.25%-4.50% range last week. Policymakers see two quarter-percentage-point cuts by 2025-end.
Spot silver firmed 0.4% to $33.16 an ounce, platinum was steady at $974.98, and palladium added 0.3% to $960.62.
