Gold prices surge amid Middle East tensions, exceeding $5,400
Spot gold price exceeds $5,400, hits 4-week high
By Gokhan Ergocun
ISTANBUL (AA) - Global gold prices surged on Monday following major strikes by the US and Israel on Iran over the weekend.
The safe-haven asset rose more than 2% as investors reacted to escalating geopolitical instability in the Middle East.
Spot gold jumped 2.44% to $5,406 an ounce by 10.15 am (0715GMT) on Monday.
Investors traditionally turn to precious metals as a hedge against uncertainty during military conflicts.
Other precious metals also saw gains with silver rising 2.05% to $95.8 per ounce.
The effective closure of the Strait of Hormuz remains a critical factor for global market volatility in the coming days.
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