Gold surges over 2% as global tensions escalate and tariff fears return

Gold prices soared above $3380 per ounce on Monday, jumping more than 2%, as investors rushed to safe-haven assets amid renewed geopolitical and trade concerns. Meanwhile, Russia-Ukraine tensions flared again after Ukraine's drone strike destroyed over 40 Russian warplanes, prompting a massive retaliatory missile barrage by Moscow. The spike in uncertainty comes just ahead of scheduled peace talks in Istanbul. In India, gold crossed ₹97500 per 10 grams, gaining nearly ₹1500. The rally followed President Trump's announcement to double tariffs on steel and aluminum imports to 50% starting June 4, intensifying trade tensions with China, which accused the US of breaking a recent tariff truce.

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