Gold prices jumped 2.5% on Monday to above $3,370 an ounce, hitting their highest in more than three weeks as investors sought a safe haven amid rising geopolitical and economic risks.
A 0.7% drop in the dollar made the metal more attractive to foreign buyers, further fueling the rally. Market jitters mounted after U.S. President Donald Trump announced plans to double tariffs on steel and aluminum imports to 50%, effective June 4, adding to existing trade tensions with China. Trump also accused Beijing of violating a recent tariff truce, while China retaliated with its own accusations, deepening uncertainty over global trade.
Meanwhile, the Russia-Ukraine conflict escalated after a Ukrainian drone strike reportedly destroyed more than 40 Russian aircraft, prompting a wave of missile and drone attacks from Moscow. The developments come ahead of key US economic data, a European Central Bank meeting and high-stakes US-China talks. (alg)
Source: Trading Economics
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