Tariff concerns boost safe haven demand, gold prices soar sharply on Monday

BlockBeats reported that on June 2, gold prices surged 2% on Monday, as investors turned to gold as a hedge when the Russia-Ukraine conflict escalated and President Trump of the United States again threatened to impose double tariffs on imported steel and aluminum. Trump announced last Friday local time that he plans to increase tariffs on imported steel and aluminum from 25% to 50%, prompting the European Commission to warn that Europe is preparing for retaliation. Tim Waterer, Chief Market Analyst at KCM trade, stated, "As trade and geopolitical concerns resurface, it is not surprising that gold prices opened higher this week." Prior to the second round of peace talks in Istanbul, hostilities between Ukraine and Russia escalated, with both sides launching a wave of attacks, including one of Ukraine's boldest attacks in the conflict and a drone strike by Russia at night. Risk assets opened lower this week, and the decline in the US dollar also supported gold prices, "Waterer said. (Golden Ten)