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Gold prices hit record highs in Monday's trading as geopolitical uncertainty increased in the Middle East following the death of Iranian President Ibrahim Raisi. Gold is often considered a "safe haven" in times of emergency.
Leader of the Islamic Republic Raisi was killed in a helicopter crash on May 19 in the country's northeastern province of Azerbaijan. On Saturday, the head of state attended a dam inauguration ceremony with Azerbaijani President Ilham Aliyev before heading to the border region.
Gold prices rose to $2,449.89 per ounce on Monday before the start. The increase follows broad gains in metals markets. Wall Street expects the price of the precious metal to reach $2,500 per ounce in the near future.
Gold prices have risen ahead of April on fears of a war between Israel and Iran, and on expectations that uncertainty will intensify in the region after the Lacey's death caused the price of the precious metal to rise.
Over the weekend, a Chinese oil tanker was hit by a Houthi missile in the Red Sea, raising tensions in the country.
"The geological environment is very difficult," Dick Poon, chief executive of Heraeus Metals Hong Kong, told Reuters. Continued strong buying from China also supported prices, some experts said. Investors' expectations of a rate cut by the Federal Reserve are one of the reasons gold prices are rising.
Historically, investors viewed gold as a "safe haven" to hedge against risk and store value during times of market volatility. For thousands of years, societies have turned to gold during times of economic uncertainty, stock market crises, military conflicts, and epidemics.
Other precious metals also rose on Monday, with silver rising to an 11-year high of $32.75 an ounce.
