Gold surged to fresh all-time highs on Monday.
Spot gold soared as high as US$3,430.18 per ounce before settling 2.88% higher at US$3,422.72—marking its biggest single-session gain in months. The rally adds to a more than US$700 climb since the beginning of 2025, with the precious metal up around 30% year-to-date.
The gains came as the US dollar dropped to its lowest level since 2022. A weaker dollar tends to boost demand for gold by making it cheaper for holders of other currencies.
“Appeasement cannot bring peace,” a Chinese commerce ministry spokesperson said Monday, warning of countermeasures against countries that cut trade deals with the US at China’s expense.
That warning coincided with a broader retreat from risk assets. U.S. equities fell sharply, and crude oil tumbled more than 2% amid signs of progress in US-Iran nuclear talks.
“Tariff-related U.S. and global growth concerns are likely to continue to combine with strong central bank and institutional demand,” Citi analysts wrote, forecasting gold could hit US$3,500 within three months.
Gold’s bull run has been bolstered by persistent safe-haven demand from both investors and central banks. Trump’s suggestion that Powell could be fired—despite legal constraints—and his broader criticisms of the Fed have spooked markets already uneasy over inflation and interest rate trajectories.
Monday’s spike also came with volatility in other metals: silver held steady at US$32.96, while palladium fell 3% and platinum dipped 0.6%.
