Gold Prices Surge as Tensions Between US and Iran Ease

Gold prices rose by 1% to $4,092.87 per ounce on Monday as tensions between the US and Iran eased following a pause in hostilities.

The decrease in oil prices, which fell more than 5%, helped alleviate concerns about inflation and higher interest rates.

Independent analyst Ross Norman said that precious metals started the week strongly due to the easing of Middle East tensions. He noted that oil has slumped, the dollar has eased, and US Treasury yields have decreased.

Norman also emphasized that investors are now focusing on the Federal Reserve's interest rate decision meeting scheduled for Wednesday, where a rate hike is anticipated by about 34% of market participants.