09:31 AM EDT, 03/31/2025 (MT Newswires) -- Gold continued to push to new record highs early on Monday as safe-haven buying continues with stock markets falling ahead of tariffs expected to be impose on U.S. imports by President Donald Trump on April 2.

Gold for June delivery was last seen up US$42.60 to US$3,156.90 per ounce.

The rise comes ahead of Trump's plan to impose tariffs on a host of products and countries, including Canada and Mexico, the two largest U.S. trading partners, on Wednesday, which he is calling "Liberation Day". The president's plans threaten to boost inflation and slow global growth and have roiled global stock markets, with the Dow Jones Industrial Index down 5.2% over the past month, while futures expect the market to open weaker again on Monday.

"Gold's continued rally highlights an ongoing worry across global financial markets, and overnight bullion broke above USD 3,100 as Treasury yields plunged, thereby recording a year-to-date rally of 18%," Saxo Bank said.

The dollar was higher early, with the ICE dollar index last seen up 0.08 points to 104.12. Treasury yields fell as bond prices rise, with the U.S. two-year note last seen down 3.3. basis points to 3.889%, while the 10-year note was paying 4.206%, down 3.3 points.