NEW YORK: Gold prices surged to a record high on Monday, driven by safe-haven demand amid concerns over US President Donald Trump’s tariff plans, with additional support coming from inflows into the world’s top gold-backed exchange-traded fund. Spot gold rose 0.2% to $2,941.60 an ounce as of 09:33 a.m. ET (1433 GMT).
It hit $2,956.15 earlier in the session — its eleventh record high in 2025. US gold futures added 0.2% to $2,957.50. US dollar index touched its lowest level since Dec. 10 earlier in the session, making bullion more affordable for buyers using other currencies. “Investors believe that in the coming weeks and months or longer than that gold prices are going to continue to appreciate,” said Jim Wyckoff, a senior market analyst at Kitco Metals.
“The path of least resistance for gold remains sideways to higher and as long as uncertainty persists, gold is likely to continue rising.” US President Donald Trump warned of imminent new tariffs last week. These plans are broadly viewed as inflationary and capable of sparking trade wars, thereby increasing the demand for safe-haven assets like bullion. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose to 904.38 tonnes on Friday, the highest since August 2023.
Prices holding above $2,950 per ounce are drawing investor focus toward the $3,000 mark, with the metal up more than 12% in 2025.