Gold prices declined on Tuesday, as investors booked profits after bullion hit a record high on safe-haven demand amid concerns that U.S. President Donald Trump's tariff plans could fuel inflation and trigger a major global trade war.

Front-month gold futures rose to another record high settlement Monday, with further safe-haven demand sparked by concerns over President Trump's tariff plans, a softer U.S. dollar, which recorded its third straight weekly loss last week and increased gold's safe-haven appeal to investors,

Gold touched a fresh record, as exchange-traded funds backed by the precious metal draw renewed interest from investors.