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Following the modest pullback seen during last Thursday's session, the price of gold showed a substantial move back to the upside during trading on Monday.
Gold for April delivery skyrocketed $97.50 or 3.0 percent to a new record closing high of $3,406.20 an ounce after dipping $17.90 or 0.5 percent to $3,308.70 an ounce in the previous session.
The spike by the price of the precious metal partly reflected a steep drop by the value of the U.S. dollar, with the U.S. dollar index plunging by 1.1 percent to its lowest levels in over three years.
Gold also benefitted from its appeal as a safe haven amid lingering concerns about a global trade war as traders await signs of progress from President Donald Trump's trade talks.
Potentially adding to the worries, China has threatened to retaliate against any countries that reach a trade deal with the U.S. at the expense of China's interests.
A spokesman for China's Ministry of Commerce was asked to respond to reports the Trump administration is preparing to put pressure on other countries to restrict trade with China in exchange for U.S. tariff exemptions.
"If this happens, China will never accept it and will resolutely take countermeasures in a reciprocal manner," the spokesman responded, according to a Google translation. "China is determined and capable of safeguarding its own rights and interests."
