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Gold prices extended their rally for a fourth consecutive session on Monday, building on last week’s strong gains as renewed U.S. tariffs and mixed economic data fueled demand for safe-haven assets. Investors turned to bullion amid rising geopolitical tensions and uncertainty surrounding global trade policy.
Spot gold rose 0.8% to $5,143.55 per ounce by 19:53 ET (00:53 GMT), while U.S. gold futures advanced 1.7% to $5,165.86. The precious metal had already gained more than 1% last week, supported by heightened tensions between the United States and Iran, which triggered a broader risk-off sentiment across global markets.
Market volatility intensified after U.S. President Donald Trump announced a new 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 an earlier, more comprehensive tariff structure. The administration later increased the tariff rate to 15%, the maximum permitted under the statute, raising concerns about retaliatory actions and disruptions to global supply chains.
The latest tariff measures pressured risk assets, prompting investors to seek refuge in traditional safe havens such as gold and U.S. Treasuries. Ongoing uncertainty about the scope, duration, and potential legal challenges surrounding the tariffs has further supported gold prices.
Economic data also strengthened bullion’s appeal. U.S. gross domestic product grew at an annualized rate of 1.4% in the fourth quarter, signaling a notable slowdown from the previous quarter. Meanwhile, the Personal Consumption Expenditures price index—the Federal Reserve’s preferred inflation gauge—rose 2.9% year-over-year in December, with core inflation near 3%, remaining above the Fed’s 2% target.
Slowing economic growth combined with persistent inflation has reinforced gold’s role as a hedge against economic uncertainty and inflation, supporting its upward momentum in global commodity markets.
