Gold prices moved in a flat-to-low range on Monday, remaining close to recent peaks as safe haven demand was boosted by increasing uncertainty over a U.S. economic slowdown and trade tariffs.

The yellow metal clocked a series of record highs last week, benefiting from sustained haven buying after U.S. President Donald Trump threatened more trade tariffs.

Concerns over a U.S. economic slowdown also fueled gold demand, especially following weak purchasing managers index and consumer sentiment readings on Friday.

A drop in the dollar- on bets that a softer economy will spur more interest rate cuts- benefited broader metal prices.

Spot gold rose 0.1% to $2,940.18 an ounce, while gold futures expiring in April were flat at $2,952.97 an ounce by 00:37 ET (05:37 GMT).

Economy, tariff jitters fuel gold demand

Spot gold remained close to a peak of $2,954.97 an ounce hit last week, with haven demand being underpinned by a rout in broader financial markets. Asian stocks slid on Monday, tracking steep losses in Wall Street on Friday.

Risk aversion increased as softer-than-expected U.S. services PMI, coupled with weak readings on consumer sentiment, drummed up concerns that private spending was slowing.

The data came just a week after a softer-than-expected retail sales print for January. This drove increased concerns that private spending- which is a major driver of the world's biggest economy- was slowing amid pressure from sticky inflation and relatively high interest rates.

Source: Investing.com