Monday 02/March/2026 – 08:43 AM
Gold rose by about 2% today, Monday, following major US-Israeli strikes on Iran that resulted in the killing of Iranian Supreme Leader Ayatollah Ali Khamenei, escalating geopolitical tensions, and deepening global economic uncertainty.
Gold in instant transactions increased 1.72 percent to $5,368.09 per ounce, recording its highest level in more than four weeks. US gold futures rose 2.58 percent to $5,382.60, according to Reuters.
Israel launched a new wave of strikes on Tehran yesterday, Sunday, and Iran responded with more missiles, a day after the killing of Khamenei, which threw a state of uncertainty into the Middle East and the global economy.
“Unlike previous escalations in this conflict, there is a fairly strong incentive for both sides to pursue potential escalation – and this carries the risk of leading to a chaotic, uncertain and thus volatile environment for more than a few days… Gold’s dynamic is very positive,” said Kyle Rodda, senior financial markets analyst at Capital.com.
Gold, a traditional safe-haven asset, has recorded successive record levels this year due to increasing global political and economic uncertainty.
The latest rise comes on the back of a 64 percent rise in 2025, driven by strong central bank purchases, strong flows into exchange-traded funds, and expectations of an easing of US monetary policy.
Last week, JP Morgan and Bank of America again indicated that gold may rise to the $6,000 level.
JPMorgan said it expects enough demand from central banks and investors this year to push prices to $6,300 an ounce by the end of 2026.
