Gold records sharp gains in the first trading sessions of the week.

Gold prices managed to achieve strong increases during the first trading sessions of the week on Monday, following recent geopolitical developments in the Middle East that boosted demand for the precious metal as a hedge against potential disruptions.

In this context, Syrian President Bashar al-Assad left the country and resigned from his position according to statements made by the Russian Foreign Ministry yesterday evening, following the disappearance of a plane linked to the Syrian leader from radar on Sunday, leading some to speculate about the possibility of his death.

Local Russian media confirmed that Assad had arrived in the capital, Moscow, after Russia granted him asylum, and the Russian government also reaffirmed its commitment to resuming talks aimed at resolving the ongoing conflict in Syria.

Meanwhile, Israeli forces managed to control certain areas along the Syrian border, claiming it was necessary to ensure the safety of settlers living in the Golan Heights. Additionally, Al Arabiya reported that the Iranian embassy in Damascus was attacked on Sunday, resulting in significant damage to the embassy building and its property.

As the Middle East situation heats up and concerns rise about the potential uncertainty and the risk of new conflicts erupting, investors found acquiring gold to be a good opportunity to hedge against potential conflicts and a safe haven amid the uncertainty surrounding the region's countries.

Current Gold Prices

In today’s trading, spot gold prices increased by approximately 0.72%, or $19, reaching $2,652.42 per ounce. At the same time, futures gold prices for February delivery rose by about 0.56% to $2,674.50 per ounce.