Gold hits new highs. The destructive trade war launched by the United States has supported demand for safe-haven assets, and data released in the coming days may highlight early signs of damage to the global economy.

Spot gold rose above $3,370 an ounce intraday as the dollar fell. The International Monetary Fund (IMF) is set to lower its growth outlook when it releases its latest forecast on Tuesday, and the Purchasing Managers' Index (PMI) released the next day will provide an overview of overall economic activity since Trump's tariffs.

Gold prices have hit new highs this year as trade conflicts disrupt global markets, hit demand for risky assets and accelerate investors' risk aversion. Holdings of gold exchange-traded funds (ETFs) have increased for 12 consecutive weeks, setting a record for the longest consecutive increase since 2022. Central banks have been increasing their gold holdings, supporting global demand for the whole family.

Gold prices rose 1.3% to $3,370.56 per ounce; now at $3,367.67 per ounce. The U.S. dollar spot index fell 0.5%. Silver rose, platinum was basically flat, and palladium fell.