ISTANBUL

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.

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.