Gold rose above $3,100 per ounce on Monday following increased demand for safe-haven assets after President Donald Trump threatened secondary sanctions on Russian crude oil exports.
The metal gained 0.9 percent in early trading, extending its bullish momentum.
The renewed push for gold was driven by rising geopolitical risks and the prospect of further trade restrictions from the United States.
Trump last week signed a proclamation imposing a 25 percent tariff on automobile imports and is expected to announce additional reciprocal tariffs this week.
Gold has gained 18 percent since the beginning of the year, supported by steady central bank purchases and safe-haven inflows.
The metal has recorded at least 15 all-time highs since January as investors repositioned amid persistent uncertainty.
Goldman Sachs increased its year-end target to $3,300 per ounce, citing stronger central bank demand and growing inflows into gold-backed exchange-traded funds.
Other banks have issued similar upward revisions.
The Federal Reserve is now expected to deliver only two quarter-point rate cuts this year, down from earlier projections.
Gold prices remain supported despite the shift in interest rate expectations.
Silver, platinum, and palladium advanced alongside gold. The Bloomberg Dollar Spot Index declined slightly, providing additional support for bullion.
Market focus remains on the upcoming U.S. tariff announcement and its potential impact on trade, inflation and commodity markets.
