Shares of gold-related equities, including Barrick Mining Corp ( B ) , U.S. Gold Corp ( USAU ) and Newmont Corp ( NEM ) are rallying on Monday as mounting trade tensions and geopolitical instability drive investors toward safe-haven assets.

What To Know: The SPDR Gold Trust ETF was up nearly 2.5% Monday afternoon as spot gold prices jumped to the highest levels in over three weeks. Spot gold climbed to $3,374.11 an ounce amid a weakening dollar and rising geopolitical and trade tensions, per Reuters.

U.S. President Donald Trump announced plans to double tariffs on steel and aluminum imports to 50% beginning June 4. The move triggered a renewed round of U.S.-China trade tensions, with Beijing vowing retaliation. This escalation, paired with Russia’s intensified military response to Ukrainian drone strikes over the weekend, pushed investors to exit risk assets and seek stability in precious metals. Spot silver was up over 4%, trading around $34.45 at last check.

The U.S. dollar index fell 0.5% to its lowest level in over a week, further supporting gold prices by making the metal more attractive to foreign buyers. As the dollar weakened and global risk sentiment deteriorated, investors appeared to rotate out of equities and into commodities in early trading Monday.

The sharp move higher in gold comes amid broader market volatility. While commodity-linked sectors outperformed, major U.S. indices struggled to gain ground as investors digested weak manufacturing data and anticipated key economic updates, including a U.S. jobs report and potential interest rate commentary from the Federal Reserve this week.

Price Action: At the time of publication Monday, Barrick Gold shares were up 5.77% at $20.26, U.S. Gold ( USAU ) shares were up 6.61% at $12.33 and Newmont ( NEM ) shares were up 5.25% at $55.49, according to Benzinga Pro.

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