Safe-Haven Assets in Demand as Geopolitical Tensions Escalate

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

Syrian President Bashar al-Assad sought refuge 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 to protect their assets from political instability.

Precious Metals Prices on the Rise

Gold prices grew by 1.02% at 6:25 am ET, reaching $2,659.71 per ounce. Silver improved by 2.14%, trading at $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.