The gold price cut its losses on Thursday after falling by more than 2% from its all-time high, as the massive market selloff triggered by tariffs imposed by US President Donald Trump affected bullion traders. The spot gold price fell by 0.8% to $3,108.55 at 11:27am EDT (15:27 GMT), after reaching a record high of $3,167.57. US gold futures fell by 1.1% to $3,132.40

Traders attributed the decline to profit-taking and margin calls in other asset classes, which likely prompted investors to sell some of their gold holdings to cover losses.

“As the market crashed under the pressure of deleveraging, the market was looking for buying opportunities during a downturn,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.

“People were selling profitable positions to cover these margins, but I think that in the long run they will continue to look for safe havens and gold is certainly one of them.

The tariffs imposed by Trump have led to a sharp drop in financial markets, fearing that they would hamper economic growth. However, gold's overall trajectory seems to be intact, with the safe haven having crossed the $500 mark since the start of the year

Silver fell 5.9% to $32.01, the lowest level since March 4. Although it generally follows gold, silver is more exposed to wider market fluctuations given its industrial applications

The platinum price is under pressure due to concerns about demand in light of the global decline, said Phillip Streible, chief market strategist at Blue Line Futures. Platinum fell 3.1% to $952.80, and palladium lost 3.5% to