Gold prices rose more than 1% to above $5,070 an ounce on Monday, extending its record-breaking rally as safe-haven demand strengthened amid global uncertainties. Canadian Prime Minister Mark Carney said on Sunday that Ottawa has no plans to pursue a free trade deal with China, noting the recent agreement only reduces tariffs on select sectors. Carney’s remarks came a day after President Trump threatened to slap 100% tariffs on Canadian imports if it solidifies a trade deal with Beijing. Frictions between the US and Europe over Greenland, as well as tensions in the Middle East, also kept investors on edge. Meanwhile, risks of a US government shutdown surfaced as Senate Democrats vowed to block a major funding bill following the Minneapolis shooting. Traders are now awaiting the Federal Reserve’s meeting this week, where the central bank is widely expected to hold rates steady. After a strong finish in 2025, gold has already gained around 17% so far this year.
