Gold futures surge 2% past $3,400

Gold bars

Gold prices jumped on Monday, driven by mounting concerns over global economic growth amid the US-China trade war, as the dollar fell to a three-year low.

June gold futures rose 2.15%, or $71.60, to $3,400 per ounce, after briefly hitting an all-time high of $3,401.3.

Spot gold also climbed 1.85%, or $61.45, to $3,388.3 per ounce, marking its highest level on record.

Meanwhile, the US dollar index — which measures the greenback against a basket of six major currencies — slipped 1.1% to 98.3 points as of 09:21 a.m. Mecca time.

Other precious metals also saw gains, with July silver futures rising 1.1% to $33.14 per ounce, and spot platinum advancing 0.5% to $977.99. Spot palladium, however, edged down 0.4% to $963.10.

Separately, China warned countries against striking broader economic agreements with the United States at its expense — a move reportedly being pursued by President Donald Trump as he seeks tariff cuts or exemptions from trading partners, according to Reuters.