Gold prices surged to approximately $3,440 per ounce on Monday, nearing the record highs observed in April. This increase is attributed to escalating tensions in the Middle East, prompting investors to seek refuge in safe-haven assets. Over the weekend, renewed hostilities between Israel and Iran have intensified fears of a potential wider regional conflict. Meanwhile, market participants are eagerly anticipating the upcoming policy meeting of the US Federal Reserve scheduled for later in the week. Although it is largely expected that the Fed will maintain current interest rates, attention will be directed toward any potential guidance regarding the timing and extent of future rate reductions. Last week's unexpectedly mild inflation data has raised the likelihood that the central bank might begin policy easing as soon as September. Additionally, investors are keenly observing developments concerning US President Donald Trump's impending decisions on tariff rates for trading partners, expected in the forthcoming weeks.