FX.co ★ Gold Jumps as Middle East Conflict Escalates

Gold surged more than 1% to above $5,350 per ounce on Monday, hitting its highest level in over a month as safe-haven demand intensified following joint US–Israeli strikes on Iran that sharply escalated the war in the Middle East. The attack resulted in the death of Iran’s Supreme Leader, Ayatollah Ali Khamenei, and effectively shut the Strait of Hormuz, a key chokepoint for roughly one-fifth of global oil shipments and substantial natural gas flows. In response, Iran launched strikes on US assets across neighboring countries, including the United Arab Emirates, Bahrain, Kuwait, Qatar, Saudi Arabia, Jordan, Iraq, and Syria. The large-scale, US-led operation was conducted over the weekend after Tehran rejected Washington’s demands to curb its nuclear program.