Investing.com-- Gold prices rose slightly in Asian trade on Monday, extending recent gains as caution over more trade tariffs from U.S. President Donald Trump boosted appetite for safe havens.

Haven demand was also buoyed by reports that Trump planned to send offensive weapons to Ukraine, potentially escalating a conflict with Russia.

Still, gains in gold were limited by resilience in the dollar, which advanced ahead of key consumer price index data due on Tuesday. Silver was a major outperformer among metal prices, hitting a near 14-year high.

Spot gold rose 0.2% to $3,361.42 an ounce, while gold futures rose 0.3% to $3,374.80/oz by 00:40 ET (04:40 GMT).

Silver futures surged 1.4% to $39.493/oz, their highest level since late-2011.

Gold rises amid Trump tariffs, Russia caution

Gold extended its gains from last week after Trump over the weekend announced a 30% tariff on Mexico and the European Union, the latest in a salvo of tariffs announced over the past week.

Trump’s tariffs will become effective from August 1, leaving major economies limited time to hash out more trade deals with Washington. Trump indicated that he will not extend the August 1 deadline.

The U.S. president had over the past week announced tariffs against several other major economies, including 25% duties on both Japan and South Korea, 50% tariffs on Brazil, and a 50% tariff on copper imports.

His announcements ramped up concerns over the economic disruption from increased tariffs, spurring some haven demand for gold.

Caution over the Russia-Ukraine conflict also aided gold, after Axios reported on Sunday that Trump will send offensive weapons to Ukraine to aid it in the long-running war.

This came after Trump over the weekend expressed disappointment in Russian President Vladimir Putin over his reluctance towards establishing a ceasefire.

Still, gold’s gains were in part limited by the yellow metal marking a strong run-up so far in 2025. But other precious metals clocked strong gains and multi-year highs in recent weeks. While platinum futures fell 0.6% to $1,461.40/oz, they were, along with silver, sitting at over 10-year peaks.

Among industrial metals, benchmark copper futures on the London Metal Exchange rose 0.3% to $9,694.45 a ton, taking some support from data that showed top importer China’s shipments of the red metal increased in June. Overall Chinese trade data also read positive, with export growth beating expectations on a deescalating trade conflict with the United States.

But U.S. copper futures fell 0.5% to $5.5783 a pound, seeing sustained profit-taking after Trump’s tariff announcement pushed domestic copper prices to record highs.

Dollar resilience weighs on metals, CPI awaited

Strength in the dollar , which sustained a recovery from recent three-year lows, limited overall gains in metal markets. The dollar rose 0.1% in Asian trade.

Focus this week is on U.S. consumer price index inflation data for June, which is due on Tuesday.

The print is expected to show an increase in core and headline inflation, with focus largely on whether Trump’s tariffs contributed to higher prices.

Sticky inflation is likely to give the Federal Reserve more impetus to leave interest rates unchanged, despite calls from the president that the central bank cut rates immediately.