Ammon News - Gold prices climbed on Monday as an escalation in the Russian war in Ukraine and U.S. President Donald Trump's fresh threat to double tariffs on imported steel and aluminum prompted investors to seek refuge in safe-haven bullion.

Spot gold was up 0.7% at $3,311.33 an ounce, as of 0416 GMT. U.S. gold futures rose 0.6% to $3,335.40.

Trump said on Friday that he plans to raise tariffs on imported steel and aluminum to 50% from 25%, prompting the European Commission to warn that Europe is prepared to retaliate.

The U.S. dollar index edged 0.1% lower, making bullion less expensive for overseas buyers.

Gold, which is considered as a safe-haven asset during the time of geopolitical and economic uncertainty, tends to thrive in low-interest rate environment.

Elsewhere, spot silver rose 0.3% to $33.08 an ounce, platinum was down 0.4% at $1,051.63 and palladium fell 0.3% to $967.62. Reuters