Gold climbs to four week high amid Middle East tensions
Spot gold rose 1% to $5,329.39 an ounce on Monday following military strikes in Tehran. Investors sought safe-haven assets amid heightened global uncertainty.
Gold prices surged on Monday as geopolitical tensions reached a boiling point following military strikes by the United States and Israel against Iran. The operations, which resulted in the death of Supreme Leader Ayatollah Ali Khamenei, have intensified global economic uncertainty and driven investors toward safe-haven assets.
Spot gold climbed 1% to reach $5,329.39 per ounce by 0201 GMT, after earlier hitting a four-week high with a 2% intraday gain. U.S. gold futures also saw significant movement, rising 1.8% to $5,342.80 per ounce. The escalation follows a new wave of Israeli strikes on Tehran and retaliatory missile barrages from Iranian forces, creating a volatile environment for global markets.
