Gold trading has maintained a high trend since last week, rising as much as 5% as the US dollar weakened after US President Donald Trump escalated the trade war with the European Union (EU).
At 9.20 am, the price of gold was at $3,340.02, down 0.52% since it opened early Monday in Asian trading.
The support is due to investors' stance on risky US fiscal policy, which gives an advantage to gold.
In addition, global market sentiment also sees the potential for several central banks to loosen their monetary policy and geopolitical issues that can trigger uncertainty about the global economy.
Regarding the trade conflict with the EU, Donald Trump said their discussions did not find a solution while threatening to impose a 50% tariff on their imported products on June 1.
US Treasury Secretary Scott Bessent believes that the President sees the EU's proposal as of poor quality, just as other countries 'respect' the United States.
In geopolitical developments, the Russian Foreign Minister said that efforts to draft a memorandum towards a ceasefire in Ukraine are now at an encouraging stage.
Meanwhile, the United States and Iran concluded the fifth round of talks in Rome on Friday regarding Tehran's expanding nuclear program.
This week, US economic data will feature several important highlights including Durable Goods Orders, the latest Federal Reserve (Fed) Meeting Minutes, the second estimate of GDP and the Core Personal Consumer Expenditures (PCE) Price Index inflation gauge.
