Gold Surges Past $2,900 as Dollar Weakens and Trade Tensions Rise

Gold prices rebounded on Monday, surpassing the $2,900 mark as the US dollar continued to weaken and global trade tensions escalated. The precious metal traded at $2,899 per ounce in early Asian markets, up 0.57% from its previous close. Investors flocked to the safe-haven asset amid concerns over President Trump's proposed reciprocal tariffs and ongoing geopolitical uncertainties. Despite Friday's 1.6% decline, gold's fundamentals remain strong, supported by central bank buying and growing ETF holdings. The metal's resilience in the face of potential Fed rate holds suggests bullish sentiment persists, with analysts eyeing a possible retest of the recent all-time high of $2,942.68.

 

Sources: Bloomberg, FXStreet, Moneycontrol