Spot gold traded around $4,000 to $4,015 per ounce on Monday, holding its ground as US-Iran tensions continued to rattle commodity markets and push oil prices higher.
What is driving gold right now
The US-Iran conflict has escalated beyond diplomatic friction. Naval blockades and militia strikes attributed to the confrontation have pushed oil prices up and reignited inflation concerns. Markets have priced a December rate hike at roughly 80% probability.
Gold peaked above $5,600 per ounce earlier in 2026, an all-time high driven by the same cocktail of geopolitical fear and inflation anxiety. The subsequent correction brought it back toward $4,000, where it has found support.
Bitcoin and gold are telling different stories
