Gold prices rose for a fifth straight session on Monday, extending last week’s gains, as U.S. President Donald Trump’s fresh global tariffs lifted bullion’s safe-haven demand.

At 13:22 ET (18:22 GMT), Spot gold gained 2.1% to $5,211.34 an ounce, and U.S. Gold Futures advanced 2.9% to $5,230.59/oz.

The yellow metal climbed more than 1% last week as geopolitical tensions between the U.S. and Iran stoked a risk-averse mood.

Trump announces 15% global tariffs after court ruling

President Trump said late last week that he would impose a 10% tariff, then lifted to 15%, the maximum allowed, on global imports for 150 days under Section 122 of U.S. trade law, after the U.S. Supreme Court struck down an earlier, broader tariff regime.

The tariff announcement weighed on risk sentiment, prompting investors to shift toward traditional safe havens such as bullion and U.S. Treasurys. The uncertainty over the duration and scope of the tariffs, as well as possible legal and congressional challenges, added to market volatility.

"Investors have come to expect chopping and changing from the current U.S. president, but the present tariff turmoil makes charting the course ahead even more impossible than it already was, which makes it no surprise that the safe haven allure of gold has been back in play,” says Danni Hewson, head of financial analysis at AJ Bell, said.

"Falling back on the TACO trade isn’t going to work this time because these new tariffs simply replace those that the president already signed off, and he won’t want to lose his key negotiating tool whilst his relations with the rest of the world remain so volatile," Hewson added.

Investors also weighed economic data released last week. U.S. gross domestic product expanded at an annualized rate of 1.4% in the fourth quarter, marking a sharp slowdown from the previous quarter.

At the same time, the Personal Consumption Expenditures price index, the inflation gauge preferred by the Federal Reserve, showed prices rising 2.9% year-on-year in December, with the core measure around 3.0%, remaining above the central bank’s 2% target.

The combination of slowing growth and still-elevated inflation reinforced gold’s appeal as both a hedge against economic uncertainty and a store of value.

Russia sold gold in January

Russia said on Friday that its central bank sold gold from its reserves in January, the first decline in holdings since October.

According to data from the Bank of Russia, bullion reserves fell by around 300,000 ounces to 74.5 million ounces, after prices hit record highs during the month.

Silver extends gains, other metals subdued

Elsewhere, silver prices rose 2.7% to $86.9475 per ounce, while platinum fell 1.1% to $2,151.75/oz.

U.S. Copper Futures fell 0.9% to $5.8492 a pound.