Gold prices rose sharply on Monday as tariff concerns boosted safe-haven demand

Odaily News Gold prices surged 2% on Monday as investors turned to the safe haven metal amid an escalation in the conflict between Russia and Ukraine and as U.S. President Donald Trump renewed his threat to double tariffs on imported steel and aluminum. Trump said on Friday local time that he planned to increase tariffs on imported steel and aluminum to 50% from 25%, prompting the European Commission to warn that Europe was ready to retaliate. "It's not surprising that gold prices opened higher this week as trade and geopolitical concerns resurfaced," said Tim Waterer, chief market analyst at KCM trade. Hostilities between Ukraine and Russia escalated ahead of a second round of peace talks in Istanbul, with both sides launching a wave of attacks, including one of Ukraine's most daring strikes in the conflict and a drone strike launched by Russia at night. "Risk assets opened lower this week, and a falling dollar also supported gold prices," said Waterer. (Gold Ten)