Gold prices surged on Monday, buoyed by a weaker U.S. dollar and renewed trade tensions. The rise follows a fresh warning from U.S. Treasury Secretary reaffirming President Donald Trump’s threat to impose new tariffs, prompting investors to seek refuge in the safe-haven metal.

Spot gold rose by 0.4% to $3,215.62 per ounce, while U.S. gold futures climbed 1.02% to $3,219.60 per ounce.

The gains come after gold recorded a sharp decline of more than 2% last Friday—its worst weekly performance since last November—driven by increased risk appetite following the U.S.-China trade deal.