Gold Prices Soar to Three-Month High Amid Iran Tensions

Gold prices rose to a three-month high on Monday ahead of the US inflation data release and a speech by Federal Reserve Chair Kevin Warsh. Spot gold increased by 0.5% to $4,627.42 per ounce at 0155 GMT, reaching its highest level since May 15. US gold futures edged up 0.1% to $4,683.80.

The surge in gold prices was also driven by the ongoing tensions between the West and Iran, with US Treasury Secretary Scott Bessent announcing new economic sanctions against Tehran. In response, Iran warned of retaliatory measures, including restricting oil exports through the Strait of Hormuz.

In India, the 24-karat gold price rose to ₹163,870 per 10 grams on MCX, while domestic silver prices declined by 0.13% to ₹247,230 per kg.