Gold prices soar as Iran-Israel conflict escalates
Gold prices shot up 2.1% to $5,387.55 per ounce on Monday as investors rushed for safety following US and Israeli strikes on Iran, which reportedly killed Iran's Supreme Leader.
US gold futures climbed to $5,394.91, according to Investing.com.
Gold's role as financial 'safe zone' is front and center
When global tensions spike, gold often becomes the safe place for investors' money—especially as stocks drop and oil shipments get disrupted.
With conflicts heating up and the risk of disruption to shipments through the Strait of Hormuz, gold's role as a financial "safe zone" is front and center.
Analyst says gold could hit $6,000/oz by year-end
The escalation began with Israel targeting Tehran's command sites, prompting missile attacks from Iran on Israel and US bases in the Gulf.
This sent oil prices climbing and stocks falling—a classic "risk-off" mood in markets.
Analyst Michael Brown notes that if gold breaks $5,400/oz soon, we could see it aiming for $6,000/oz by year-end.