Gold prices hit a record high of $3,384 an ounce on Monday, driven by rising geopolitical tensions, a weakening U.S. dollar, and fears over global economic growth amid the escalating U.S.-China trade war.

Spot gold rose 1.7%, while U.S. gold futures climbed 2%. Ongoing central bank demand and safe-haven buying also supported the rally.

The dollar index dropped to a three-year low, making gold more appealing.

Meanwhile, tensions between Russia and Ukraine flared despite an Easter ceasefire, and President Trump increased pressure on the Fed while pushing new tariffs, CNBC has reported.

Analysts suggest gold could soon test the $3,500 mark.

Written by B.C. Begley