Gold soared to its highest in nearly seven years on Monday, as intensifying tensions in the Middle East drove investors towards the safe-haven metal, while palladium surpassed $2,000-level to hit a record high.

 

Spot gold rose 1.4% to $1,573.14 per ounce by 0124 GMT. It rallied as much as 1.8% and touched its highest since April 10, 2013 at $1,579.55 earlier in the session.

 

US gold futures gained 1.6% to $1,577.80.

 

Bullion is considered a safe asset during times of financial and geopolitical uncertainty.

 

Elsewhere, silver gained 2% to $18.39 per ounce, while platinum rose 0.6% to $985.87. 

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