Gold rose above $2,980 per ounce on Monday, hovering near record levels, amid strong safe-haven demand. Fresh geopolitical risks bolstered bullion prices after the U.S. stated it would continue strikes against Yemen's Houthis until they stop attacks on shipping in the Red Sea.

Additionally, concerns over an escalating trade war, fueled by exchanges of tariffs between the U.S. and its major trading partners, further strengthened gold's safe-haven appeal.

Robust demand from ETFs and sustained central bank purchases also supported prices, with China extending its gold acquisitions for a fourth consecutive month.

Meanwhile, investors look forward to a series of central bank policy meetings later this week, including the U.S. Federal Reserve's decision. The Fed is widely expected to keep rates on hold amid uncertainty over President Donald Trump's economic policies.

Source: Trading Economics