Gold, silver prices extend gains amid geopolitical concerns

Gold and silver bars

Gold and silver prices climbed on Monday as geopolitical tensions escalated following the conflict in the Middle East, with investors assessing potential risks and the possible duration of combat operations.

April gold futures rose 2.65%, or $139.1, to $5,387.0 per ounce as of 9:07 am KSA time, after touching $5,409.70 earlier in the session.

Spot gold appreciated 1.86%, or $98.18, to $5,377.11 per ounce. Spot platinum also advanced 1.04% to $2,392.86, while palladium gained 2.29% to $1,829.18 per ounce.

Meanwhile, silver futures for May delivery climbed 1.70% to $94.88 per ounce after hitting $97.30 earlier in trading.

These gains came despite a 0.52% rise in the US dollar index sto 98.12 points. A stronger dollar typically exerts downward pressure on dollar-denominated commodities.