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Gold prices surged on Monday as investors flocked to safe-haven assets amid intensifying global tensions and new U.S. tariff threats. In Dubai, the price of 24-carat gold increased by AED3.25 to AED399.50 per gram. The 22-carat gold price rose by AED3.00 to AED370.00, 21-carat gold climbed AED1.25 to AED353.25, and 18-carat gold gained AED1.00 to reach AED302.75.
Spot gold rose 0.5% to $3,305.85 an ounce, while U.S. gold futures gained 0.4% to $3,329.80, buoyed by escalating geopolitical risks, including renewed hostilities in Ukraine and U.S. President Donald Trump’s announcement of plans to double tariffs on imported steel and aluminum.
“The market’s reaction to geopolitical and trade tensions is driving gold higher,” noted Tim Waterer, chief market analyst at KCM Trade. A weakening dollar also contributed to gold’s upward momentum.
Investors are keeping a close watch on the upcoming U.S.-China trade talks and key speeches from U.S. Federal Reserve officials, including Chair Jerome Powell. Meanwhile, the U.S. dollar index slipped 0.2%, making gold more attractive to overseas buyers.
Tensions between Ukraine and Russia escalated further, with drone strikes and heightened conflict casting a shadow over peace negotiations in Istanbul. These developments, alongside the anticipated U.S.-China discussions on trade and critical minerals, continue to fuel gold’s safe-haven appeal.
Spot silver held steady at $32.99 an ounce, while platinum dipped 0.6% to $1,049.72, and palladium slipped 0.5% to $965.77.
