Gold prices rose nearly 2% to above $5,090 an ounce on Monday, extending its record-breaking rally as safe-haven demand strengthened amid economic and geopolitical uncertainties. Risks of a US government shutdown surfaced as Senate Democrats vowed to block a major funding bill following Minneapolis shooting. Meanwhile, Canadian Prime Minister Mark Carney said on Sunday that his country has no plans to pursue a free trade deal with China, noting the recent agreement only reduces tariffs on select sectors. This comes amid President Trump’s threat of 100% tariffs on Canadian goods if such a deal proceeded. Frictions between the US and Europe over Greenland, as well as rising US-Iran tensions, also kept investors on edge. Meanwhile, traders are awaiting the Federal Reserve’s meeting this week, where rates are widely expected to remain unchanged. After a strong finish in 2025, gold has already gained around 17% so far this year.