Singapore April 21 2025: Gold scaled a record peak on Monday, spurred by concerns over global economic growth amid the U.S.-Sino trade war, while a weaker dollar further boosted the rally.
Spot gold advanced 1.4% to $3,373.70 an ounce as of 0432 GMT after hitting a record high of $3,385.08 earlier in the session.
U.S. gold futures firmed 1.8% to $3,386.50.
The dollar index (.DXY) hit a three-year low, making gold more attractive for other currency holders.
“Fundamentally, markets are pricing in heightened geopolitical risks, driven by U.S. tariff tensions and stagflation concerns, while resilient central bank demand offers an added tailwind for prices as well,” said IG market strategist Yeap Jun Rong.
U.S. President Donald Trump announced “reciprocal tariffs” on dozens of countries on April 2, and while his administration paused levies for some countries, it has ratcheted its trade battle with China.
On Monday, China warned countries against striking a broader economic deal with the U.S. at its expense, a move Trump is reportedly seeking from countries looking for tariff reductions or exemptions.
