Gold Hits All-Time High on Rising Safe-Haven DemandThe gold (XAU/USD) price rose by 0.52% and set a new all-time high on Monday as inflows into the world's top gold-backed exchange-traded fund (ETF) continued to rise."Investors believe that in the coming weeks and months, gold prices are going to continue to appreciate. The path of least resistance for gold remains sideways to higher, and as long as uncertainty persists, gold is likely to continue rising', said Jim Wyckoff, senior market analyst at Kitco Metals.Indeed, global economic uncertainty continues to haunt the markets as U.S. President Donald Trump's tariff plans may spark trade wars and spur inflation. As a result, demand for safe-haven assets like gold continues to rise.Furthermore, SPDR Gold Shares (NYSE:GLD), the world's largest gold-backed ETF, said yesterday that its holdings rose towards 904.38 metric tonnes, the highest level since August 2023. This news additionally supported XAU/USD. Global monetary policy expectations also exert minor bullish pressure on the bullion. Investors still anticipate most major central banks will cut the rates in 2025 but at a slower pace than previously.XAU/USD was falling during the Asian and early European trading sessions. Today, traders may expect increased volatility due to the release of the U.S. CB Consumer Confidence Index report at 3:00 p.m. UTC. Also, two Federal Reserve officials will give speeches and add to the volatility. Traders will seek clues about potential shifts in their cautious rate-cut stance."Spot gold may rise into the $2,971–2,983 range as it is about to break resistance at $2,951 per ounce", said Reuters analyst Wang Tao.Coalition Uncertainty Weighs on EuroThe euro (EUR/USD) gained 0.08% against the US dollar (USD) on Monday but failed to hold above the important 1.05000 level.Initially, EUR/USD received a major boost after the opposition conservative party won the national election on Sunday. However, the market shifted its focus from the election victory to how quickly a coalition government can be formed. Protracted talks may raise concerns about future economic policy and fiscal stability in the eurozone, which could weaken the euro and exert downward pressure on EUR/USD."The policy implications are twofold — one is the debt break in Germany. Europe realises that they have to step up their defence spending, and it seems like the best way to do that is through a collective bond offering", said Marc Chandler, chief market strategist at Bannockburn Global Forex in New York.Despite a major political shift in the eurozone's largest economy, its deep-seated economic problems persist. Data on Monday showed that business morale in Germany unexpectedly stagnated in February. The Ifo Institute said its business climate index remained flat at 85.2 after slightly revising January's data.EUR/USD was rising slightly during the Asian and early European trading sessions. Today, traders should watch the release of the U.S. CB Consumer Confidence Index and Richmond Manufacturing Index at 3:00 p.m. UTC. Higher-than-expected results will likely increase the bearish pressure on EUR/USD, potentially pushing it below 1.04250. Conversely, lower-than-expected numbers may pull the pair higher, towards 1.05080. Also, speeches from two Federal Reserve officials at 4:45 p.m. UTC and 6:00 p.m. UTC may add to the volatility. Traders will monitor any potential shifts in their cautious rate-cut stance.Tariff Fears Weigh on AUD as Global Recession Concerns RiseOn Monday, the Australian dollar (AUD/USD) lost 0.11% against the US dollar (USD) as safe-haven flows into the greenback increased after U.S. President Donald Trump said tariffs on Mexico and Canada would proceed as planned.Trump said that tariffs on Canadian and Mexican imports are proceeding as planned for the 4 March deadline, despite the countries' attempts to strengthen border security and curb fentanyl trafficking. There were hopes that the U.S.'s top two trading partners could convince the Trump administration to postpone tariffs impacting over $918 billion worth of imports, but this isn't happening. Higher tariffs threaten to destabilise global trade and potentially trigger a global recession. As a highly risk-sensitive currency, AUD suffers due to the increased uncertainty surrounding global economic growth and the potential slowdown of Australia's export-driven economy.At the same time, AUD/USD received minor support after the People's Bank of China's (PBoC) annual policy statement revealed a comprehensive strategy to advance rural reforms and support real-estate development. If realised, the strategy may help stimulate Chinese economic growth, which could bolster demand for Australian commodities and lift AUD/USD.AUD/USD was rising slightly during the Asian and early European trading sessions. Today's main focus is the U.S. CB Consumer Confidence Index, due at 3:00 p.m. UTC. However, AUD pairs may be more affected by the Australian Consumer Price Index (CPI) report tomorrow at 12:30 a.m. UTC. The market expects weighted CPI to remain at 2.5%. Higher-than-expected results may lower the chances of a 25-basis-point rate cut by the Reserve Bank of Australia in May, providing a bullish impact on AUD/USD. Conversely, lower-than-expected figures will almost certainly secure a rate cut in May and may push AUD/USD below 0.63190.