Gold prices climbed for a fourth consecutive session on Monday, building on last week’s advance as renewed uncertainty over U.S. trade policy and a softer dollar supported demand for safe-haven assets.
At 04:45 ET (09:45 GMT), spot gold rose 0.8% to $5,145.81 per ounce, while U.S. gold futures gained 1.7% to $5,166.81 an ounce.
Bullion had already risen more than 1% last week amid heightened geopolitical tensions between the United States and Iran, which encouraged a more cautious tone across financial markets.
Trump unveils new global tariffs following court decision
President Donald Trump announced late last week that the United States would introduce tariffs on global imports under Section 122 of U.S. trade law, initially set at 10% before being raised to the maximum permitted level of 15% for a period of 150 days. The move followed a U.S. Supreme Court ruling that invalidated a broader tariff framework introduced earlier.
The announcement pressured risk assets and pushed investors toward traditional defensive instruments such as gold and U.S. government bonds. Ongoing uncertainty surrounding how long the tariffs will remain in place, along with potential legal or congressional challenges, contributed to market volatility.
Market participants also assessed recent U.S. economic data. Gross domestic product expanded at an annualized pace of 1.4% in the fourth quarter, indicating a notable slowdown compared with the previous period.
Meanwhile, the Personal Consumption Expenditures price index — the Federal Reserve’s preferred inflation measure — showed prices rising 2.9% year on year in December, with core inflation near 3.0%, still above the central bank’s 2% target.
The combination of moderating growth and persistent inflation strengthened gold’s appeal both as a hedge against uncertainty and as a store of value.
Russia trims gold reserves in January
Russia reported Friday that its central bank reduced gold holdings in January, marking the first decline since October.
Data from the Bank of Russia showed reserves falling by roughly 300,000 ounces to 74.5 million ounces after bullion prices reached record highs during the month.
Silver advances while other metals trade mixed
Elsewhere in metals markets, price movements were mixed on Monday.
Silver climbed 4.9% to $86.35 per ounce, while platinum slipped 0.5% to $2,165.50 per ounce.
Benchmark copper futures on the London Metal Exchange rose 0.4% to $12,976.04 per ton, whereas U.S. copper futures edged down 0.1% to $5.8933 per pound.
ING analysts noted, “The ruling does not affect sector specific tariffs imposed on national security grounds, including measures on aluminium, steel and copper products.” They added, “Still, LME metals moved higher as the decision reduced immediate risks to global trade flows and industrial demand. However, the upside may remain capped, given that some sector specific tariffs remain in place and the administration could pursue alternative trade measures.”