Gold prices climbed for a fourth consecutive session on Monday, building on last week’s momentum as fresh global tariffs announced by President Donald Trump and a softer U.S. dollar boosted demand for safe-haven assets.
Spot gold rose 0.8% to $5,148.66 per ounce by 01:52 ET (06:52 GMT), while U.S. gold futures advanced 1.8% to $5,170.19. The precious metal had already gained more than 1% last week, supported by heightened geopolitical tensions between the United States and Iran.
Trump’s new tariffs lift safe-haven demand
Late last week, President Donald Trump announced a 10% tariff on global imports for 150 days under Section 122 of U.S. trade law. The move followed a U.S. Supreme Court decision that struck down a broader tariff framework introduced earlier.
Shortly afterward, the administration increased the levy to 15%, the maximum permitted under the statute. The escalation intensified fears of potential retaliation and disruptions to global supply chains.
The renewed trade uncertainty weighed on overall risk appetite, encouraging investors to rotate into traditional safe-haven assets such as gold and U.S. Treasuries. Questions surrounding the duration, legal standing and possible congressional challenges to the tariffs further added to market volatility.
Slowing U.S. growth and sticky inflation support bullion
Investors also assessed recent U.S. economic data. Gross domestic product expanded at an annualized rate of 1.4% in the fourth quarter, signaling a notable slowdown compared with the previous period.
Meanwhile, the Personal Consumption Expenditures (PCE) price index—the Federal Reserve’s preferred inflation measure—rose 2.9% year-on-year in December. The core PCE reading hovered near 3.0%, remaining above the Fed’s 2% target.
The combination of moderating economic growth and persistent inflation strengthened gold’s role as both a hedge against uncertainty and a store of value.
Silver and other metals mixed
Among other precious metals, silver extended its rally, climbing 2.3% to $86.56 per ounce. Platinum gained 0.3% to $2,164.60 per ounce.
In industrial metals, benchmark copper futures on the London Metal Exchange edged up 0.3% to $12,956.33 per ton. However, U.S. copper futures slipped 0.4% to $5.88 per pound.
Overall, gold prices continue to draw support from trade tensions, inflation concerns and shifting expectations around U.S. economic growth.
