Gold Prices Soar Amid Easing Tensions and Lower Oil

Global gold prices rose sharply on Monday as investors sought refuge in safe-haven assets amid easing tensions in the Middle East and a decline in oil prices.

The spot price of gold surpassed $4,100 per ounce, with US gold futures also trading higher. The weakening dollar index contributed to increased demand for gold.

Easing inflation concerns, driven by the over 4% drop in oil prices, supported precious metals like silver, platinum, and palladium.

KCM Trade Chief Market Analyst Tim Waterer attributed the surge in gold to the decline in both oil and the US dollar. He also noted that until a lasting peace is achieved, geopolitical developments will continue to influence gold's trajectory.