09:20 AM EDT, 04/07/2025 (MT Newswires) -- Gold traded higher early on Monday on heightened safe-haven buying as global stock markets continue to plunge after U.S. President Donald Trump last week imposed hefty tariffs on most of the country's trading partners.

Gold for June delivery was last seen up US$9.20 to US$3,044.60 per ounce, the first rise since touching a record US$3,166.20 on April 2.

The rise comes as stock markets worldwide plunge for a third-straight session on Monday following the U.S. tariff announcement. European and Asian markets were sharply lower, with Hong Kong's Hang Seng Index dropping 13%. Futures point to a much lower opening for U.S. exchanges, which is sending investors to the safety of gold.

"US equity futures plunged sharply early Monday, continuing a brutal sell-off sparked by aggressive tariffs imposed by the Trump administration," Saxo Bank noted.

Gold's rise comes as the dollar weakens, with the ICE dollar index last seen down 0.15 points to 102.87. However treasury yields rose, with the U.S. two-year note was last seen paying 3.683%, up 2.1 basis points, and the yield on the 10-year note was up 5.3 points to 4.062%.