Gold Prices Rise as Middle East Tensions Ease Amid Ongoing US-Iran Conflict

The conflict between the United States and Iran has been ongoing for its 157th day when Tehran denied US President Donald Trump's claim that new talks on ending the conflict would begin. Trump had stated that negotiations with Iran would start on Monday afternoon, but Iran's foreign ministry contradicted this, saying they were not negotiating with the US.

Gold prices rose on Monday as oil prices retreated and the U.S. dollar softened following a fresh de-escalation in Middle East tensions. The price of Brent crude futures fell by more than 7% on Monday.

The situation on the Strait of Hormuz remains unchanged since the US and Israeli strikes on Iran began, with Iran dictating which ships can enter and exit the Gulf and attacking those that seek to sail without permission.