Gold Rises 2.4% as Middle East War Escalates Following Iran Strike

TLDR

• The US and Israel launched strikes on Iran over the weekend, killing Supreme Leader Ayatollah Ali Khamenei
• Gold jumped over 2% to above $5,400 an ounce, its highest price since late January
• Oil surged by the most in four years as the Strait of Hormuz faced potential disruption
• Silver, platinum, and palladium all rose alongside gold as investors moved into safe-haven assets
• Analysts have flagged $5,595 and $6,000 as the next key gold price levels to watch

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Gold jumped sharply on Monday after the United States and Israel launched coordinated strikes on Iran over the weekend. The attack killed Iran’s Supreme Leader, Ayatollah Ali Khamenei.

Micro Gold Futures,Apr-2026 (MGC=F)

Spot gold rose 2.4% to $5,406 an ounce in early Asian trading. That follows a gain of more than 3% the previous week.

US Gold Futures climbed 2.8% to $5,391.46. Gold has now gained about 25% so far this year.

Iran’s military responded with missile strikes on Israel, as well as American bases in Qatar, the UAE, Kuwait, and Bahrain. US President Donald Trump said strikes on Iran would continue until his objectives are met.

Iran’s national security chief Ali Larijani said on social media that Tehran would not negotiate with the United States. The statement signals the conflict could continue for some time.

Markets reacted quickly. Investors moved money out of stocks and into safe-haven assets like gold and commodities.

Oil surged by the most in four years when markets opened Monday. Traders are worried the Strait of Hormuz — a key route for global oil shipments — could be disrupted.

Saudi Aramco also halted operations at one of its refineries after a drone strike in the area, according to people familiar with the matter. That added further pressure to oil prices.

Gold Hits $5,400 as Middle East Conflict Escalates

Silver climbed 2.4% to $96.04 an ounce. Platinum gained 1.7% and palladium rose 3.1%.

Copper futures edged up slightly, with London Metal Exchange contracts gaining 0.3%.

The US dollar also rose, with the Bloomberg Dollar Spot Index climbing as much as 0.7%. Normally a stronger dollar puts pressure on commodity prices, but gold and oil rose anyway.

Analysts Target $5,595 and $6,000 for Gold

Michael Brown, Senior Research Strategist at Pepperstone, pointed to $5,400 as the first level to watch, followed by the late-January record high of $5,595 an ounce.

Brown said the weekend’s events strengthen the bull case for gold. He also sees a potential move toward $6,000 by the end of 2026.

ING analysts noted that any disruption to energy supplies would push gold higher through rising oil prices and inflation expectations.

Gold has been supported this year by central bank buying, a shift away from sovereign bonds, and bets that the Federal Reserve will cut rates. February marked the metal’s seventh straight monthly gain — the longest streak since 1973.

Spot gold was trading at $5,406.27 as of Monday afternoon in Singapore.

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