Gold Prices Surge as Geopolitical Tensions Fuel Safe-Haven Demand

Gold prices surged over 1% on Monday as investors sought safe-haven assets amidst heightened geopolitical tensions.

The price of spot gold rose to $4,103.99 per ounce, while US gold futures for August delivery gained 0.9% to $4,106.10 per ounce.

Silver, platinum, and palladium also saw significant gains, with spot silver advancing 2.7% to $59.74 per ounce, platinum rising 2.0% to $1,619.75, and palladium climbing 2.3% to $1,271.93 per ounce.

The increase in gold prices can be attributed to the easing of concerns over inflation and prolonged high interest rates, as well as the heightened geopolitical tensions globally.