02:00 PM EST, 02/25/2025 (MT Newswires) -- Gold moved down from a record high mid-afternoon on Tuesday as traders take profits while safe-haven demand continues to offer support for the precious metal.

Gold for April delivery was last seen down US$43.20 from Monday's record close to US$2,920.00 per ounce.

The drop comes after U.S. President Donald Trump on Monday said he will go ahead with a plan to impose a 10% tariff on energy imports from Canada, as well as a 25% levy on goods from Canada and Mexico, the two largest U.S. trading partners. The import taxes, including an 10% levy already imposed on products coming from China, are expected to slow global growth and suppress demand.

"Safe-haven demand remained strong amid tariff concerns. President Trump confirmed tariffs on Canadian and Mexican imports will proceed, keeping inflation and trade war risks in focus," Saxo Bank noted.

The dollar was lower, usually supportive of commodities priced in the currency. The ICE dollar index was last seen down 0.33 points to 106.27.

Treasury yields fell, lowering the carrying cost of owning gold. The yield on the U.S. two-year note was last seen down 4.3 basis points to 4.117%, while the 10-year note was paying 4.315%, down 9.6 points.