Gold,SilverRiseAfterU.S.-IsraelStrikesonIran

Gold and silver rose in early Monday trading after the U.S. and Israel launched missile strikes on Iran that reportedly killed Supreme Leader Ali Khamenei and several senior officials, sharply escalating tensions and driving investors into safe-haven assets.

London spot gold rose 1.3% to above $5,350 an ounce, briefly touching around $5,390 before paring gains. U.S. gold futures climbed as high as $5,400.

Silver saw similar moves. London spot prices rose 1.4% to $95 an ounce, while U.S. futures gained 1.8%. Both later eased back toward $94.

The gains follow a steep correction in late January, when spot gold fell from a record near $5,560 an ounce to about $4,650 within a week and silver slid from above $120 to $70.

Prices had already been recovering amid rising geopolitical tensions. On Feb. 20, U.S. President Donald Trump said he was considering preliminary limited military strikes on Iran. By Feb. 27, before the latest escalation, London gold had risen 5.6% since Feb. 20, while silver had gained nearly 20%.

Analysts said the latest move is largely sentiment-driven. SDIC Futures Co. Ltd. noted that markets had already priced in some expectations of a U.S.-Iran clash, and that the medium-term outlook will depend on how the conflict evolves — a swift stabilization could weigh on gold, while a broader and prolonged confrontation would likely keep prices elevated.

Contact editor Lin Jinbing (jinbinglin@caixin.com)