LONDON, March 6 (Reuters) - Gold stocks in

COMEX-approved warehouses rose by 218,307 ounces to a

record high of 39.7 million ounces, daily CME data showed, as

residual inflows continued even after a major dislocation had

wound down.

Since late November, when U.S. President Donald Trump

pledged to impose import tariffs on Canada and Mexico, 22.1

million ounces of gold worth $64.5 billion were delivered to the

Comex gold stocks, driving them up 126%.

Trump has not mentioned targeting precious metals with his

wide-reaching import tariffs, but market players sought

deliveries to cover existing Comex positions against such a

possibility.

This activity widened the premium between U.S. gold futures

and London spot prices and attracted those who

sought to deliver to the Comex stocks and benefit from the price

arbitrage.

With Comex gold stocks now equal to 4-1/2 years of U.S.

total gold consumption, inflows have significantly slowed down

in recent weeks.

"The gold story looks to be winding down, at least for now,"

said Adrian Ash, head of research at online marketplace

BullionVault. "Comex gold futures are seeing lower volume and

lower open interest. Their premium over London bullion quotes

is falling too, now consistently running below $10 per ounce."

Gold lease rates in London, the world's largest

over-the-counter gold trading hub, also eased in recent weeks,

signalling improving liquidity after tightness in January caused

by massive deliveries to the U.S.

"Lower lease rates for borrowing gold in London also suggest

that the arbitrage has done its job, shifting more than enough

metal across the Atlantic to smother any threat of U.S. trade

tariffs on gold causing real price dislocation," Ash added.