Gold surged 1% to climb above $5,160 on Monday, its highest level in more than three weeks, as renewed tariff concerns drove investors toward safe-haven assets. The move followed US President Donald Trump’s announcement on Saturday that he plans to raise global tariffs from 10% to 15%, after the Supreme Court rejected his proposal for “reciprocal tariffs.” Trump stated that the new duties would take effect immediately, though it was not yet clear whether any formal order had been signed.
Adding to trade tensions, the European Union’s trade commissioner signaled on Sunday a proposal to suspend ratification of the trade agreement with the United States, while India delayed negotiations intended to finalize an interim trade deal with Washington. At the same time, investors grew increasingly wary of the risk of a potential US military strike on Iran, with nuclear talks stalled. Even so, negotiators are scheduled to reconvene in Geneva on Thursday.
