Gold prices have reached record levels amid geopolitical turmoil

Gold prices reached an all-time high on Monday in Asian trading due to rising geopolitical tensions in the Middle East, which increased demand for a «safe haven.» In addition, the general rally in the metals market also contributed to the rise in gold prices.

The price of spot gold increased by almost 1%, reaching a record high of $2,454.1 per ounce. Gold futures that expired in June also set a record, reaching $2,444.55 per ounce.

Media reported that a helicopter carrying Iranian President Ibrahim Raisi and the country's foreign minister crashed on Sunday. Both politicians were declared dead. 

Raisi was seen as a possible candidate for the post of Iran's next Supreme Leader and was one of the main hardliners in the fight against internal protests and the introduction of stricter morality laws.

In April, gold prices soared to record levels due to fears of war between Israel and Iran, although this scenario did not materialize. However, the current instability in the Middle East is once again driving up prices for the yellow metal. Moreover, Israel has continued to strike the Gaza Strip, which also supports tensions in the region.

Other precious metals also rose in price on Monday. Platinum futures rose 0.2% to $1,096.50 per ounce, while silver futures increased 3.2%, reaching a more than 11-year high of $32,285 per ounce.