Gold prices rose during Monday’s trading despite a notable advance in the US dollar against most major currencies, as geopolitical fears and the outbreak of war in the Middle East pushed investors toward safe-haven assets.
The US–Israeli strikes resulted in the death of Iran’s Supreme Leader Ayatollah Ali Khamenei, in a development seen as a major turning point for the Islamic Republic and one of the most consequential events since 1979.
In response, Iranian officials vowed a strong retaliation, increasing concerns over a broader regional conflict, especially after explosions were reportedly heard in several cities across Gulf countries.
US President Donald Trump said in an interview with CNBC that American military operations in Iran were progressing ahead of schedule.
Meanwhile, concerns that expanding automation could undermine business models and trigger waves of layoffs continue to raise worries about potential impacts on the broader economy.
Trump also hinted at a “major wave” of additional attacks without revealing details, saying he expected the “Iran operation” to last between four and five weeks and that the US had the capacity to continue “much longer than that.”
The US dollar index rose by 1% to 98.6 points at 20:32 GMT, recording a session high of 98.7 and a low of 97.7.
In trading, spot gold contracts climbed 2% to $5,354.4 per ounce by 20:33 GMT.
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