According to BlockBeats, on June 2, gold prices surged 2% on Monday due to the escalation of the Russia-Ukraine conflict and U.S. President Trump's threat to impose double tariffs on imported steel and aluminum, prompting investors to turn to safe-haven gold.
Trump stated last Friday that he plans to raise steel and aluminum tariffs from 25% to 50%, and the European Commission warned that Europe is prepared to retaliate. KCM Trade's chief market analyst, Tim Waterer, noted that trade and geopolitical concerns are emerging, leading to higher gold prices at the open.
Before the second round of peace talks in Istanbul, hostilities between Ukraine and Russia escalated, with Ukraine launching bold attacks and Russia conducting nighttime drone strikes. Risk assets declined, and the drop in the dollar supported gold prices.