Gold prices soared on Monday, breaking through the $3,400 mark, with spot gold reaching a historic high of $3,441.53. The continued weakening of the dollar and economic uncertainties fueled by trade tensions have stimulated a demand for safe-haven assets in the market. Comments by President Trump regarding Federal Reserve Chairman Powell have heightened investors' concerns about the U.S. economy, further driving the demand for gold and other safe-haven assets.
The robust performance of spot gold reflects the market's concern about future economic risks, as the dollar dropped to its lowest level in three years, heightening investors' risk aversion. David Meger, director of metals trading at High Ridge Futures, stated, "As tariff tensions continue to escalate, we expect gold prices to keep rising. While pullbacks or profit-taking might occur, we still believe the fundamental trend for gold is upward."
Meanwhile, silver prices remain steady at $32.60 per ounce; platinum fell by 0.6% to $961.61; and palladium decreased more significantly, dropping 3% to $934.25. Overall, driven by risk-averse sentiment, the precious metals market is exhibiting varied trends, yet gold remains the main focal point for the market.
