Gold prices rise 2.7% amid events in Middle East

The price of gold rose 2.7% on Monday morning due to increased demand for safe-haven assets in response to recent geopolitical events in the Middle East, Report informs referring to trading data.

The price of April gold futures on the New York Comex exchange rose $142.79 from the previous close, or 2.72%, to $5,390.69 per troy ounce.

March silver futures rose 1.76% to $94.933 per ounce.

Gold is a safe-haven asset, and demand for it typically increases in times of market uncertainty or intensifying geopolitical conflicts around the world.