Gold jumps amid renewed trade concerns – ING

Gold prices jumped Monday as renewed trade concerns and heightened geopolitical tensions supported the metal’s haven appeal, ING's commodity experts Ewa Manthey and Warren Patterson note.

Gold is supported by rising geopolitical tensions

"Prices rose 2.8% to trade above $3,380/oz on Monday after slumping 2% last week. China accuses the US of violating the recent trade agreement, after President Trump made similar accusations last week. Trump also announced plans to double tariffs on steel and aluminium to 50%. Canada and the EU warn they would retaliate."

"Gold has also been supported by rising geopolitical tensions after Ukraine staged a series of strikes across Russia, and Russia launched one of its biggest drone and missile attacks against Kyiv. A second round of peace talks in Istanbul on Monday failed to strike a deal to end the war. All of this is reinforcing Gold’s haven appeal."