Gold edged down from a record as markets weighed the latest US trade news from President Donald Trump, who has driven a flight to safety assets amid mounting confusion over his tariff agenda.

Bullion fell as much as 0.8% in early trading on Monday — following a gain of more than 6% last week that saw it trade above $3 245 an ounce for the first time. The dip came after a modest reprieve for the dollar from its recent rout, following the US pause on reciprocal tariffs on smartphones, computers and other electronics.

Still, the recovery was restrained after Trump on Sunday signaled separate duties on consumer electronics and microchips are being planned. A stronger greenback makes gold more expensive for foreign investors, as it is priced in the currency.

The precious metal is up more than 20% so far this year as investors have rushed to safety, with Trump’s fast-evolving trade policy leading to large convulsions in US stocks, bonds and the dollar amid fears of a worldwide recession. In particular, a selloff in US government bonds is highlighting eroding appetite for American assets — prompting questions about whether the nation’s debt remains a haven in times of turmoil.

“Gold seems to be the clear beneficiary of the debates raging around the US dollar, and we’ve witnessed the gold price in absolute beast mode,” Chris Weston, head of research at Pepperstone Group, said in a Monday note. Some traders were saying “gold is simply too hot to short, but also too overbought to chase,” he said.

Elsewhere this week, traders will be focused on how some of the world’s biggest central banks approach the rapidly shifting global outlook, with Singapore and the European Central Bank expected to ease monetary policy. Lower rates are typically positive for non-interest bearing bullion.

Spot gold was down 0.5% to $3 220.43 an ounce as of 7:37 a.m. in Singapore, after hitting an all-time high of $3 245.48 on Friday. The Bloomberg Dollar Spot Index was steady following a three-day rout. Silver declined, while platinum and palladium climbed.