After U.S. Treasury Secretary Scott Bessent reaffirmed President Donald Trump's tariff threats, stimulating demand for safe havens, gold prices soared on Monday, supported by a weaker dollar and renewed trade tensions.

Spot gold gained 0.4% to $3,216.29 per ounce at 04:45 GMT. American gold futures rose 1% to $3,219.20. Gold lost more than 2% on Friday, registering its worst week since November last year, as risk appetite, fuelled by the trade agreement between the United States and China, weighed on the market. Gold, traditionally considered a safe haven in times of political and economic uncertainty, has a tendency to thrive in a low interest rate environment.

Spot silver strengthened 0.1% to $32.31 per ounce, platinum rose 0.2% to $989.31, and palladium rose 0.3% to $963.94.