Gold stocks jumped on Monday. Coeur Mining, Gold Fields, Anglogold Ashanti up more than 7%; Harmony Gold up 6%; Newmont Mining up 5%.

Gold prices jumped on Monday as an escalation in the Russian war in Ukraine and U.S. President Donald Trump's fresh threat to double tariffs on imported steel and aluminium prompted investors to seek refuge in safe-haven bullion. Spot gold was up 2% at $3,355.34 an ounce. U.S. gold futures rose 2% to $3,382.2.

Trump said on Friday that he plans to raise tariffs on imported steel and aluminium to 50% from 25%, prompting the European Commission to warn that Europe is prepared to retaliate.

"With trade and geopolitical worries bubbling to the surface once again, it's no surprise to see gold ticking higher to start the week," said Tim Waterer, chief market analyst at KCM Trade.

Ukraine and Russia escalated hostilities ahead of their second round of peace talks in Istanbul, with a wave of attacks that included one of Ukraine's boldest strikes of the war and an overnight drone assault by Russia.

"Risk assets are on the backfoot to start the week while a dip in the dollar is also keeping gold supported," Waterer said.

Markets are awaiting speeches from several U.S. Federal Reserve officials this week for cues on the monetary policy outlook, with Fed Chair Jerome Powell set to speak later in the day.

Fed Governor Christopher Waller said that interest rate cuts remain possible later this year even as the Trump administration's tariff regime is likely to push up price pressures temporarily.

Gold, which is considered a safe-haven asset during the time of geopolitical and economic uncertainty, tends to thrive in a low-interest rate environment.