Safe-Haven Demand Surges as Geopolitical Tensions Escalate

The price of precious metals experienced a significant climb on Monday, driven by heightened geopolitical tensions, particularly the end of the Assad family's 50-year rule in Syria. This development has seemingly increased demand for safe-haven assets.

Syrian President Bashar al-Assad sought safety in Russia after being displaced from his country's leadership as insurgent forces made significant advances into Damascus. This shift in power dynamics has further fueled the demand for precious metals as investors seek stable investments amidst political instability.

At 6:25 am ET, gold prices grew by 1.02%, selling for $2,659.71 per ounce. Silver improved by 2.14%, going for $31.66 per ounce at the same time. Platinum added 2.19% to sell for $951.74 per ounce a minute later, while palladium traded 1.50% higher to $965.61 per ounce.