Gold Prices Soar on Geopolitical Tensions and Easing Inflation Concerns

Gold prices surged over 1% on Monday due to heightened geopolitical tensions and easing concerns over inflation and prolonged high interest rates.

The safe-haven metal saw increased demand as investors sought refuge from global uncertainty. Spot gold rose 1.3% to $4,103.99 per ounce.

In related markets, US gold futures for August delivery gained 0.9% to $4,106.10 per ounce. Other precious metals also saw significant gains, with spot silver advancing 2.7% to $59.74 per ounce and platinum rising 2.0% to $1,619.75.

Palladium was another notable gainer, climbing 2.3% to $1,271.93 per ounce.