Gold Soars as US-Iran Tensions Ease, Oil Prices Plummet

Gold prices rose over 1% on Monday as tensions between the US and Iran eased, leading to a drop in oil prices and the US dollar index.

The spot gold price reached $4,110.56 per ounce, while US gold futures gained 1% to $4,112.10, according to data at 0200 GMT.

Tim Waterer, chief market analyst at KCM Trade, attributed the rise in gold prices to 'the dual price action in oil and the U.S. dollar, both of which have dropped on de-escalation hopes between the U.S. and Iran.'

Oil prices plummeted more than 4% for the day, easing inflation concerns that had been driving up expectations of central bank rate hikes.