Gold Edges Up as Safe-Haven Buying Continues

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Gold Edges Up as Safe-Haven Buying Continues

, MT Newswires - 9:39 AM ET 3/24/2025 default

09:39 AM EDT, 03/24/2025 (MT Newswires) -- Gold prices rose early on Monday, making up some of the losses sustained during Friday's fall off a record high, as safe-haven demand continued.

Gold for April delivery was last seen up US$7.40 to US$3,028.80 per ounce. The metal closed at a record US$3,043.80 on March 20.

The rise comes as gold continues to attract safe-haven buying amid violence in the Middle East and the acceleration of U.S. trade wars, with President Donald Trump expected to impose new tariffs on imports from Mexico and Canada, the largest U.S. trading partners, on April 2. If the move is confirmed, it would likely slow global growth, according to analysts.

"Gold trades steady after a 50-dollar correction on Friday ran out of steam before gaining some momentum with support emerging around $3,000. Yet the short-term outlook points to consolidation with news on 2 April tariffs and the wider market reaction to these being a major focus," Saxo Bank noted.

The dollar edged higher, with the ICE dollar index last seen up 0.04 points to 104.13. Treasury yields rose, with the yield on the U.S. two-year note last seen up 3.2 basis points to 3.999%, while the 10-year note was last seen paying 4.297%, up 3.9 points.

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