Gold shot up over 2% Monday, with U.S.-Israel strikes against Iran driving buyers toward safe havens. By 1050 GMT, spot gold was at $5,390.38 an ounce, up 2.1%. U.S. gold futures ran up 3% to $5,406.30. Spot silver advanced 1.7% to $95.36. Platinum slipped, but palladium ticked up. “What we're seeing is an increase in safe-haven assets,” said ActivTrades’ Ricardo Evangelista. BNP Paribas, meanwhile, hiked its 2026 gold target and pointed to a possible spike above $6,250. Markets took the hit all at once. Oil shot higher, while equities tumbled—concerns mounted that turmoil might block shipments through the Strait of Hormuz, an essential channel for oil and fuel flows. Another inflation threat, right as traders were already grappling with the
