Gold prices surged over 2% to $3,353.69 an ounce Monday as renewed geopolitical tensions and trade uncertainty revived demand for haven assets, according to Bloomberg. Drone strikes by Ukraine on Russian airfields and Moscow’s extended missile barrage on Kyiv dampened hopes for peace talks. U.S.-China trade tensions escalated, with each side accusing the other of violating a recent deal. President Donald Trump further unsettled markets by pledging to double tariffs on imported steel and aluminum, prompting retaliation threats from Canada. A weaker dollar also boosted bullion’s appeal. Silver and palladium gained, while platinum slipped. Gold remains up over 25% this year, with Goldman Sachs affirming it as a long-term hedge against inflation alongside oil.
