COMEX gold futures are taking a breather at $2995.60 an ounce on Monday morning after hitting record high level above 3K mark last week tracking consistent weakness in the dollar overseas coupled with safe haven demand amid trade war concerns. US President Donald Trump's multi-front trade war, he warned of a 200% tariff on European wine and other alcoholic beverages after the EU imposed a 50% tax on American whiskey exports. Moreover, recent data signaled easing price pressures in February, providing the Fed more room to cut rates and boosting the appeal of non-yielding gold. The yellow metal ended the week at $2993.60 an ounce. Meanwhile, OPEC stated that its precious metals index rose for a second consecutive month in February, increasing by 6.6%, m-o-m. All precious metal prices advanced in the period, with gold, silver and platinum rising by 6.8%, 5.7% and 3.1%, m-o-m, respectively. Greater central bank buying, particularly in developed economies, and geopolitical developments, lifted gold's safe-haven appeal.

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