Gold prices climbed more than 2% on Monday as geopolitical tensions intensified.
The rise was prompted by renewed drone attacks involving Russia and Ukraine, escalating trade friction between the United States and China, and President Trump’s warning to potentially double tariffs on steel and aluminum. These developments increased demand for safe-haven assets.
As the U.S. dollar weakened, gold grew more attractive to international buyers. Although prices have eased from April’s peak of $3,500 per ounce, gold has still gained over 25% year-to-date, trading around $3,353.69 on Monday morning in London.