Investing.com-- Gold prices fell in Asian trade on Monday, retreating further from record highs as reports that U.S. President Donald Trump’s April 2 tariffs will be less severe than feared weighed on haven demand.A softer dollar limited gold’s losses, while broader metal prices advanced marginally. Copper was buoyed by expectations of tighter global supplies, especially in the face of U.S. tariffs and Chinese smelter closures. Gold still remained in sight of recent peaks, as safe haven demand remained underpinned by uncertainty over the U.S. economy and Trump’s broader tariff plans. Spot gold fell 0.2% to $3,018.51 an ounce, while gold futures expiring in May steadied at $3,049.30/oz. Spot prices hit a record high of $3,057.5/oz last week. Bets on less severe Trump tariffs dent gold, buoy risk appetite Losses in gold came tracking a jump in Wall Street futures, as markets bet that the economic impact of Trump’s tariffs will be less pronounced.Bloomberg and the Wall Street Journal reported on Sunday that Trump will not impose tariffs on automobiles, pharmaceuticals, semiconductors and commodities on April 2, as threatened earlier.Trump’s reciprocal tariffs on trading partners are also expected to be limited to a group of 15 countries with large trade imbalances with the U.S., limiting their broader impact.But the White House did not confirm the reports, keeping markets uncertain. Tariffs on major U.S. imports are also still expected to drive up domestic inflation and pressure economic activity. This notion kept haven demand for gold relatively underpinned, with about a week left to Trump’s tariff deadline.