Trade Tensions Propel Safe-Haven Demand
Gold rallied in Asian trade on Monday as fresh signs of U.S.–China friction and uncertainty over President Trump’s tariff plans drove investors toward havens. China rejected Trump’s weekend claim that it violated a recent Geneva trade deal, warning it would defend its interests—renewing doubts over a lasting agreement. With Trump also threatening higher steel and aluminum levies, traders braced for renewed market volatility.
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Fed’s Waller Bolsters Dollar Softness
Broader metal prices gained further support after Federal Reserve Governor Christopher Waller signaled he favored cutting rates later this year. Waller noted that tariffs had so far had little lasting inflationary impact—a comment that knocked the dollar 0.1% lower in Asian hours. A softer greenback typically lifts non-yielding assets like gold and silver.
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Price Movements and Technicals

Spot Gold: +0.8% to $3,315.68/oz

August Futures: +0.7% to $3,338.52/oz

Silver also advanced (futures +0.6% to $33.22/oz), while platinum lagged (–0.5% to $1,050.10/oz). Traders noted that a three-day dollar recovery earlier in May had pressured gold, but rising trade risks and dovish Fed signals quickly reversed that trend.
Near-Term Outlook
As U.S.–China talks remain uncertain and Trump’s tariff rhetoric persists, gold’s safe-haven appeal is likely to stay elevated. If the dollar remains under pressure—especially as markets price in potential Fed cuts—gold could retest recent peaks. Conversely, any resolution toward lower tariffs might temper bullion’s rally.