Gold prices surged to a new all-time high at the beginning of the week as investors braced themselves for President Donald Trump's anticipated escalation of tariffs, raising concerns over a global trade conflict. The precious metal rose by up to 0.8% to surpass $3,110 an ounce, surpassing the previous record set on Friday after marking its fourth consecutive weekly increase. The elevated demand for safe-haven assets during a risk-averse climate in the financial markets further boosted gold prices. Trump's recent imposition of a 25% tariff on auto imports and the looming prospect of reciprocal tariffs from the White House added to the uncertainty.

This year, gold has shown an impressive 18% rise, achieving more than 15 record highs due to factors such as central bank purchases and heightened demand for safe investments amidst geopolitical and economic uncertainties. Despite speculations easing on the Federal Reserve cutting interest rates, gold prices continued to soar, benefiting from its status as a non-yielding asset. Major banks have responded by increasing their price targets for gold, with Goldman Sachs Group Inc. upgrading its forecast to $3,300 an ounce by the end of the year, noting robust inflows into gold-backed exchange-traded funds and unexpected central bank demand.

As of 11:06 a.m. in Singapore, spot gold was trading at $3,110.07 an ounce, with the Bloomberg Dollar Spot Index showing a slight decline of 0.2%. The positive momentum also extended to other precious metals, with silver, platinum, and platinum all experiencing gains in value.