Gold surged above $3,400 to a record high on Monday, as a weaker dollar and uncertainty over the economic impact of U.S.-China trade tensions spurred demand for safe-haven bullion.
Spot gold rose 2.7% to $3,417.62 an ounce by 1:46 p.m. ET (1746 GMT). It hit a record high of $3,430.18 earlier in the session.
U.S. gold futures settled 2.9% higher at $3,425.30.
The dollar fell to its lowest level in three years as investor confidence in the U.S. economy took another hit over President Donald Trump's comments about Federal Reserve Chairman Jerome Powell. A weaker dollar makes bullion more attractive to holders of other currencies.
On the trade front, China has accused Washington of abusing tariffs and warned other countries against reaching a broader economic deal with the U.S. that would hurt it.
"As tariff tensions continue to escalate, we continue to see gold prices move higher in response to the safe haven," said David Meger, director of metals trading at High Ridge Futures.
"There will be some pullbacks and profit-taking at times, but we still believe the underlying trend is likely to be sideways to a higher trajectory."
Gold, which is considered a hedge against economic uncertainty and is known as a highly liquid asset, has hit multiple record highs and is up more than $700 since the start of 2025. It topped $3,300 on Wednesday and its strong momentum has pushed it up another $100 in just a few days.
"This much larger daily move in gold prices is one of the early signs that this very mature bull market is nearing its climax and that a near-term top may be near, from a timing perspective more than a price perspective," said Jim Wyckoff, senior analyst at Kitco Metals.
Among other metals, spot silver was steady at $32.60 an ounce, platinum was down 0.6% at $961.61 and palladium was down 3% at $934.25. (Newsmaker23)
Source: Reuters
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