Gold breaks $5,000 an ounce as geopolitical tensions drive safe-haven demand
Escalating pressure on Iran has pushed oil prices higher, adding to inflation concerns and supporting demand for gold as a store of value
Gold surged past $5,000 per ounce on Monday, driven by strong safe-haven demand amid renewed geopolitical tensions and heightened market uncertainty.
Investor appetite for the precious metal increased after a turbulent week marked by rising strains involving Greenland and Iran. While markets saw brief relief after U.S. President Donald Trump reversed tariff threats and downplayed the possibility of forceful action related to Greenland, fresh U.S. sanctions targeting Iran reinforced anxiety.
Escalating pressure on Iran has pushed oil prices higher, adding to inflation concerns and supporting demand for gold as a store of value. The precious metal has climbed steadily this year, reaching record highs as investors seek protection from geopolitical risk and policy uncertainty.
Other precious metals have also rallied sharply. Silver has joined gold in a strong advance so far this year, reflecting broad demand for safe-haven assets.
In energy markets, oil prices were little changed on Monday after rising about 3% on Friday. Brent crude futures were flat at $65.91 a barrel, while U.S. West Texas Intermediate crude stood at $61.10 per barrel, as traders assessed the impact of tighter sanctions on Iranian oil exports.
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