Gold Rises Amid Iran Uncertainties and Trade War Escalation

Gold prices continued their upward trend on Monday as global uncertainties reached a fever pitch. President Masoud Pezeshkian of Iran called for an end to the war with the US, but investors remain skeptical about a ceasefire deal.

The Iranian president's appeal came ahead of new US sanctions against Tehran, which are expected to target countries and entities doing business with Iran or facilitating its drone and missile program. The move is likely to have a negative impact on oil prices, which dipped by around 1.7% to $85.60 a barrel.

The dollar, meanwhile, recovered from last week's three-month lows against a basket of currencies, driven largely by the loonie's decline. The Canadian currency weakened past 1.38 per US dollar after trade talks between the US and Canada broke down.