Gold Gains Amid Falling Oil Prices and US-Iran Strike Pause

Gold prices rose for the second consecutive day on Monday as falling oil prices eased concerns over inflation and interest rate hikes. The yellow metal traded at around 4,103 per troy ounce during Asian hours, after a sharp drop in oil prices reduced market fears of inflation.

The pause in US-Iran strikes also contributed to the surge in gold prices, as investors sought safe-haven assets amid geopolitical tensions.

However, attention is now shifting to this week's central bank decisions, including meetings by the Federal Reserve (Fed), Bank of England (BoE), and Bank of Japan (BoJ). Key releases such as US GDP, US core PCE inflation, and CPI reports from the Eurozone and Australia are expected to heavily influence global interest rate expectations.

Tehran has confirmed it will refrain from retaliatory attacks against the US as long as the bombing pause holds. This diplomatic reprieve has eased market concerns over a potential escalation in tensions between the two nations.