Gold prices advanced for a fourth consecutive day on Monday, reaching a four-week high as a dramatic escalation of war in the Middle East sent investors scrambling for protection.
Spot gold climbed as much as 2.7% to top $5,400 an ounce, building on a 3% gain from the previous week.
Silver and other precious metals followed the upward trend as cross-asset volatility spiked.
The immediate catalyst for the rally was the weekend's geopolitical upheaval.
Coordinated military strikes by the U.S. and Israel targeted high-level Iranian sites, resulting in the death of the Islamic Republic’s supreme leader, Ayatollah Ali Khamenei.
Tehran responded with waves of missile barrages hitting targets across Israel and several neighboring countries housing American military bases, including Qatar, Kuwait, and Bahrain.
The conflict has transformed an already bullish gold market into a full-blown safe-haven stampede.
Bullion has gained approximately 25% year-to-date, supported by a combination of central-bank buying and a broader shift away from sovereign bonds.