Global: Gold prices surged on Monday following major strikes by the US and Israel on Iran over the weekend. The safe-haven asset rose more than 2% as investors reacted to escalating geopolitical instability in the Middle East.

According to Anadolu Agency, spot gold jumped 2.44% to $5,406 an ounce by 10.15 am (0715GMT) on Monday. Investors traditionally turn to precious metals as a hedge against uncertainty during military conflicts. Other precious metals also saw gains, with silver rising 2.05% to $95.8 per ounce.

The effective closure of the Strait of Hormuz remains a critical factor for global market volatility in the coming days.