Gold prices rose on Monday after surpassing the $3,000 per ounce mark on Friday, as economic growth concerns overshadowed the U.S. government's efforts to avoid a shutdown.

According to Bloomberg, bullion was trading near $2,990 per ounce, after retreating from its all-time high of around $3,005 per ounce.

This follows the U.S. Senate's approval of a Republican spending plan, paving the way for the approval of a government funding package.

The rise comes at the end of a week filled with events, including the implementation of President Trump's latest tariff threats, concerns over a potential recession, and political discussions related to the future of Ukraine.

Uncertainty and a growing desire for safe-haven assets pushed gold prices up by 14% so far this year, extending the metal's strong annual gains in 2024.

Last week, Macquarie Group predicted prices could reach $3,500 per ounce in the second quarter, while BNP Paribas raised its forecast to show average prices well above $3,000 per ounce.

Investors will be watching a series of central bank meetings this week, as Trump's trade policies test policymakers' patience.

In the U.S., Federal Reserve Chairman Jerome Powell faces the difficult task of reassuring investors that the economy remains on solid ground while emphasizing that policymakers are ready to intervene with support if necessary.

Goldman Sachs raised its year-end price forecast for gold to $3,100 per ounce last month, while Citigroup predicted in February that prices would reach $3,000 within three months.