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Gold climbed about 2% on Monday, reaching $5,393.34 at its intraday high after the United States and Israel launched major strikes on Iran this weekend and killed Supreme Leader Ali Khamenei.
The move pushed bullion to its highest level in over four weeks as investors shifted toward safer assets amid rising geopolitical risk.
The latest jump added to a strong year for gold. Prices have surged 64% in 2025, with gains since the start of the year reaching 25%.
The rally has been driven by central bank buying, solid inflows into exchange-traded funds, and expectations that U.S. monetary policy could ease.
Silver also moved higher on Monday, rising 2% to touch $96.41 at its intraday high. Platinum climbed to $2,437.54, while palladium rose to 1,831.24, tracking the broader advance in precious metals.
Equity markets across Asia turned lower as risk appetite weakened. Japan’s Nikkei fell about 1.4%, Hong Kong’s Hang Seng dropped 1.9%, and South Korea’s Kospi—which had posted record gains since the start of the year—slipped about 1%.
In Europe, Stoxx 600 futures fell more than 1.5%, while U.S. Dow Jones futures were down by 1%, signaling a softer start to trading in Western markets.
Oil prices jumped sharply, rising more than 10% at their intraday high. Brent moved above the $80 per barrel mark for the first time as traders reacted to supply fears following the effective closure of the Strait of Hormuz, a key route for global oil shipments.
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