Safe-Haven Assets in Demand as Geopolitical Tensions Escalate

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

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 stability amidst uncertainty.

At 6:25 am ET, gold prices surged by 1.02%, trading at $2,659.71 per ounce. Silver saw an improvement of 2.14%, selling for $31.66 per ounce at the same time. Platinum added 2.19% to reach $951.74 per ounce, while palladium traded 1.50% higher at $965.61 per ounce.