Gold rises 1% as Middle East conflict spurs safe-haven demand

Gold prices surged over 1% on Monday as the conflict between Israel and Hamas increased political uncertainty in the Middle East. The violence has led to safe-haven buying of assets like gold. The escalating tensions between the two sides could potentially trigger a major war in the region, boosting the demand for safe-haven assets. However, higher US interest rates and a potential inflation print later in the week may dampen gold’s appeal. Other metals such as silver, platinum, and palladium also saw gains.