Gold edged higher, as bullion-backed exchange-traded funds continued to see big inflows, adding the most in more than three years on Monday.
Bullion traded above $3,020 an ounce, less than $40 shy of the record high reached last week. ETFs added 23 tons of gold in the last trading session, the biggest one-day increase since 2022, according to data collected by Bloomberg.
Gold-backed ETFs have seen persistent outflows over the last three years, as high interest rates made holding cash rather than gold more appealing for Western investors. That trend has reversed this year, giving support to prices.
Bullion has rallied 15% this year as an escalating trade war rattles markets, fueling haven demand. On Monday, President Donald Trump said an automobile import tariff was coming, he flagged a 25% levy on buyers of Venezuelan oil, while also indicating that some nations may receive breaks from reciprocal duties set to take effect next week.
Spot gold rose 0.4% to $3,023.59 an ounce at 10:21 a.m. London time, snapping three days of losses. The Bloomberg Dollar Spot Index fell 0.1%. Silver, platinum and palladium all advanced.
Yihui Xie and Jack Ryan, Bloomberg News
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