Gold prices rose above $3,100 per ounce for the first time on Monday due to concerns surrounding U.S. President Donald Trump's tariffs, potential economic impact, and geopolitical tensions, attracting more investments into the safe-haven asset.

The price of spot gold reached a record high of $3,106.50 per ounce, marking multiple record highs this year with an increase of over 18%. Gold is being seen as a hedge against economic and geopolitical uncertainties.

Various banks have raised their gold price forecasts, citing geopolitical concerns, tariff uncertainties, and the metal's role as a safe haven and inflation hedge. For instance, many experts have revised their forecasts, with Goldman Sachs predicting gold reaching $3,300/oz by the end of the year, up from its previous estimate of $3,100.

President Trump's discussions of implementing tariffs to protect U.S. industries have added to the uncertainty, prompting gold prices to climb higher. Other factors contributing to the rally include strong central bank demand and inflows into exchange-traded funds, which are expected to continue supporting gold prices moving forward.