Gold prices soared to their highest levels ever during trading on Monday, driven by increasing demand for the yellow metal as a safe haven amid concerns about a trade war that could be triggered by tariffs.
Gold now
In terms of trading, spot gold prices rose by 0.24% to $2,941.80 per ounce, after hitting an all-time high earlier in the session at $2,956.15 per ounce. Additionally, April futures for gold climbed by 0.21% to $2,957.00 per ounce.
The recent increase in gold prices followed the U.S. dollar touching its lowest levels since December 10 earlier in the session, which reduced the cost of holding gold priced in the greenback for investors holding other currencies, aside from the U.S. dollar.
During his remarks today, U.S. President Donald Trump warned of imminent new tariffs last week, raising concerns about an escalation of the global trade war, alongside inflationary risks that could arise from the new tariffs.
The rise in gold also comes as investors are awaiting the Personal Consumption Expenditures report – the preferred inflation measure for the U.S. Federal Reserve – set to be released in the United States next Friday.
