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Gold futures moved sharply higher during trading on Monday, extending the rebound seen during last Friday's session.
After climbing $21.90 or 0.7 percent to $3,231.90 an ounce in the previous session, gold for May delivery surged $79.40 or 2.5 percent to $3,311.30 an ounce.
The price of gold continued to recover from Thursday's two-week lows amid a modest decrease by the value of the U.S. dollar, with the U.S. dollar index edging down by 0.1 percent.
Gold also benefitted from its appeal as a safe haven amid renewed trade concerns after President Donald Trump announced plans to impose a 100 percent tariff on movies produced in foreign countries.
"The Movie Industry in America is DYING a very fast death," Trump said in a post on Truth Social. "Other Countries are offering all sorts of incentives to draw our filmmakers and studios away from the United States. Hollywood, and many other areas within the U.S.A., are being devastated."
"This is a concerted effort by other Nations and, therefore, a National Security threat. It is, in addition to everything else, messaging and propaganda!" he added. "WE WANT MOVIES MADE IN AMERICA, AGAIN!"
Trump also told reporters on Sunday that he has no plans to talk to his Chinese counterpart Xi Jinping this week, offsetting recent optimism about a potential U.S.-China trade deal.
Meanwhile, traders largely shrugged off a report from the Institute for Supply Management showing an unexpected increase by its reading on U.S. service sector activity in the month of April.
The ISM said its services PMI rose to 51.6 in April from 50.8 in March, with a reading above 50 indicating growth. Economists had expected the index to edge down to 50.6.
