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Gold prices climbed for a fourth consecutive session on Monday, extending last week’s gains as fresh global tariffs announced by U.S. President Donald Trump and a weaker U.S. dollar strengthened demand for the precious metal as a safe haven.
Spot gold rose 0.8% to $5,148.66 an ounce by 01:52 ET (06:52 GMT), while U.S. gold futures advanced 1.8% to $5,170.19 an ounce. The yellow metal gained more than 1% last week, supported by a risk-averse environment driven by heightened geopolitical tensions between the United States and Iran.
Trump’s Tariff Move Rekindles Trade Uncertainty
Investor sentiment was further unsettled after President Trump announced new global tariffs late last week. The administration initially outlined a 10% levy on imports for 150 days under Section 122 of U.S. trade law, following a U.S. Supreme Court ruling that struck down an earlier, broader tariff framework. The tariff was subsequently raised to 15%, the maximum permitted under the statute.
The move has intensified concerns over potential retaliatory measures from trade partners and renewed fears of disruptions to global supply chains. Uncertainty surrounding the scope, duration, and possible legal or congressional challenges to the tariffs has added to market volatility, prompting investors to rotate toward traditional safe-haven assets such as gold and U.S. Treasuries.
Macro Data Reinforces Gold’s Appeal
Gold’s advance also came as investors assessed recent U.S. economic data pointing to a slowing economy amid persistent inflation pressures. Data released last week showed that U.S. gross domestic product grew at an annualized rate of 1.4% in the fourth quarter, marking a notable slowdown from the prior quarter.
Meanwhile, the Personal Consumption Expenditures (PCE) price index—the Federal Reserve’s preferred inflation measure—showed headline inflation at 2.9% year on year in December, with core inflation hovering around 3.0%, still above the Fed’s 2% target.
The combination of decelerating growth and stubbornly high inflation has reinforced gold’s role as both a hedge against economic uncertainty and a store of value.
Silver Advances, Base Metals Mixed
Elsewhere in the metals market, silver extended its rally, rising 2.3% to $86.56 an ounce, while platinum edged up 0.3% to $2,164.60 an ounce.
Copper prices were mixed. Benchmark London Metal Exchange copper futures gained 0.3% to $12,956.33 a metric ton, while U.S. copper futures slipped 0.4% to $5.88 a pound, reflecting uneven demand signals across regions.
Overall, gold remains firmly supported by a convergence of geopolitical risks, trade uncertainty, and macroeconomic headwinds, keeping investor focus on safe-haven assets.
