Investing.com-- Gold prices surged to a new record high in Asian trading on Monday, as the dollar tumbled amid President Donald Trump’s plan to overhaul the Federal Reserve, while heightened Russia-Ukraine tensions after a brief Easter truce boosted bullion’s safe-haven appeal.

As of 03:40 ET (07:40 GMT), Spot Gold jumped 1.4% to $3,374.93 per ounce, after reaching a record high of $3,385.27 per ounce earlier in the session.

Gold Futures expiring in June surged 1.8% to $3,388.20 an ounce.

The recent climb in gold prices has been driven largely by escalating geopolitical risks, strong central bank demand, and persistent inflation concerns.

Gold rallies as Trump’s Fed overhaul plan raises uncertainty

Monday’s rally was largely driven by renewed uncertainty surrounding U.S. monetary policy, after President Donald Trump unveiled plans to overhaul the Federal Reserve.

White House economic advisor Kevin Hassett said on Friday that President Trump and his team were continuing to study whether they could fire Federal Reserve Chair Jerome Powell.

This stoked concerns about the independence of the Fed, sending ripples through financial markets.

The news weighed heavily on the U.S. dollar, which slumped to a three-year low against a basket of major currencies.

A weaker dollar tends to bolster demand for gold, as it makes the metal more affordable to investors holding foreign currencies.

Russia-Ukraine tensions escalate after one-day truce

The yellow metal was also supported by heightened tensions between Russia and Ukraine despite a one-day ceasefire announced by Russian President Vladimir Putin.

Putin unexpectedly announced a one-day ceasefire in Ukraine on Saturday to mark the Orthodox Easter holiday.

However, Russia launched missile and drone strikes on Ukraine early Monday, just hours after the expiration of the ceasefire.

Both Kyiv and Moscow have accused each other of violating the truce, which the Kremlin had confirmed would not be extended.

Among other precious metals, Silver Futures gained 1% to $32.773 an ounce, while Platinum Futures were unchanged at $978.0 an ounce.

Copper prices rise on weaker greenback, US-Sino tensions cap gains

Copper prices rose on Monday as the greenback weakened, but gains were limited due to concerns of hefty U.S. tariffs on top importer China.

China has been slapped with a total of 145% tariffs.

Benchmark Copper Futures on the London Metal Exchange rose 0.3% to $9,231.0 a ton, while Copper Futures expiring in May gained 0.8% to $4.4733 a pound.