Gold prices hit record high amid geopolitical jitters, metal rally Gold prices hit a record high in Asian trade on Monday as increased geopolitical tensions in the Middle East boosted safe haven demand, while a broader rally across metal markets also spilled over into the yellow metal.

Spot gold rose nearly 1% to a record high of $2,440.56 an ounce, while gold futures expiring in June hit a record high of $2,444.55 an ounce.

Middle East stability in focus after Iran helicopter crash 

Media reports over the weekend showed that a helicopter carrying Iranian President Ebrahim Raisi and his foreign minister crashed amid bad weather conditions on Sunday.

Rescue efforts were underway, but Reuters quoted Iranian officials stating that their lives were at risk.

Raisi was seen as a contender to become Iran’s next supreme leader, and was also regarded as a major hardliner on cracking down against domestic protests and implementing more morality laws. 

Gold prices had shot up to record highs in April on fears of a war between Israel and Iran, although such a scenario did not materialize. But the prospect of any more instability in the Middle East now appeared to be boosting the yellow metal once again. 

Israel also kept up its strikes against Gaza, keeping tensions in the region high. 

Elsewhere, increased military action between Russia and Ukraine also supported safe haven demand, as both countries launched strikes against each other over the weekend. 

Gold, precious metals boosted by broader rally 

Other precious metals also advanced on Monday. Platinum futures rose 0.2% to $1,096.50 an ounce, while silver futures surged 3.2% to an over 11-year high of $32.285 an ounce. 

Broader metal prices were underpinned by growing expectations of a U.S. interest rate cut this year, while expectations of increased demand and tighter supplies- particularly in industrial metals- also boosted prices.

Focus this week is on more cues from the Federal Reserve, after some soft U.S. inflation readings for April ramped up hopes the central bank will begin trimming rates by as soon as September. 

Begin trading today! Create an account by completing our form

Privacy Notice

At One Financial Markets we are committed to safeguarding your privacy.

Please see our Privacy Policy for details about what information is collected from you and why it is collected. We do not sell your information or use it other than as described in the Policy.

Please note that it is in our legitimate business interest to send you certain marketing emails from time to time. However, if you would prefer not to receive these you can opt-out by ticking the box below.

Alternatively, you can use the unsubscribe link at the bottom of the Demo account confirmation email or any subsequent emails we send.

By completing the form and downloading the platform you agree with the use of your personal information as detailed in the Policy.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.8% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Back to top

Office network

One Financial Markets is the trading name of Axi Financial Services (UK) Ltd, a company registered in England with company number 6050593. Axi Financial Services (UK) Ltd is authorised and regulated by the Financial Conduct Authority in the UK (under firm reference number 466201) and the Financial Sector Conduct Authority in South Africa (with FSP number 45784).

The information on this site is not directed at residents of the United States, Belgium, Poland or any particular country outside the UK and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation. is owned and operated by Axi Financial Services (UK) Ltd.

Award winning broker
We have been presented with a number of awards that recognise the quality of our service and dedication to our clients :

Best FSA Regulated Broker
Saudi Money Expo

Best Education Product
Saudi Money Expo

Best Broker - Online Trading
IAIR Awards

Best Institutional Broker
Saudi Money Expo

Best FX Services Broker
CN Forex

Top International
FX Broker 2015

Saudi Money Expo

Broker of the Year
Online Trading – Middle East

IAIR Awards

Best Forex
Customer Service 2018

JFEX Awards

We accept the following payment methods: