Gold Rises as Oil Prices Plummet Amid Middle East Tensions Easing

Gold prices rose on Monday as tensions in the Middle East eased and oil prices plummeted. The pause in hostilities sent shockwaves through the energy markets, with oil prices tumbling sharply lower. Gold, often seen as a safe-haven asset, benefited from this shift.

Spot gold rose 0.9 percent to $4,087.79 an ounce by 0421 GMT, while US gold futures gained 0.5 percent to $4,089.90. Other metals also saw gains, with silver rising 1.7 percent to $59.16 per ounce and platinum climbing 1.5 percent to $1,612.04.

Palladium was also up, gaining 1.6 percent to $1,263.73. The rise in gold prices comes as oil prices fell sharply, with a drop of over 4 percent on Monday.