HK Gold stocks rallied as spot gold hit $3,100 per ounce for the first time. Lingbao up 5%; Chifeng Gold up 4.5%; China gold up 3%; Wanguo gold up 2%.

Gold started the week with a fresh record high, ahead of President Donald Trump’s expected latest tariff barrage that’s heightened concern of a global trade war.

Trump last week signed a proclamation to slap a 25% tariff on auto imports, while markets are also bracing for the White House’s so-called reciprocal tariffs due Wednesday.

Gold is up about 17% this year in a run that’s seen it clinch at least 15 all-time highs. The rally has been fueled by central-bank buying and haven demand amid rising geopolitical and macro uncertainties. Those drivers have supported prices even as swaps traders have pared bets on Federal Reserve easing this year to two quarter-point rate cuts. Lower rates tend to benefit non-yielding bullion.

Several major banks have raised their price targets for the precious metal, with Goldman Sachs Group Inc. this week ramping up its forecast to $3,300 an ounce by year-end. The lender cited higher-than-expected central bank demand and strong inflows into bullion-backed exchange traded funds.