Gold prices gain for second day amid Middle East conflict

Gold prices climbed for a second consecutive session on Monday as escalating geopolitical tensions fueled safe-haven demand. Despite the recent uptick, the precious metal remains on track for a significant monthly decline as the broader market weighs the impact of conflict on inflation and global interest rates.

Spot prices rose 1.6% to $4,564.00 per ounce by early morning in the United States, recovering from multi-month lows reached last week. Meanwhile, gold futures for April delivery gained 1.5% to settle at $4,594.00.