Precious metal prices rose on Monday after US President Donald Trump announced his rejection of Iran’s response to his country’s proposal to end the war.
Gold rose 0.5 percent to $4,754 an ounce in spot trading. Silver jumped 6 percent in spot trading to $85.9 an ounce, and platinum rose 2.3 percent to $2,118 an ounce.
Observers believe that gold is in demand as a safe haven due to the uncertainty surrounding the global economy as a result of the ongoing repercussions of the war, in addition to central banks continuing to purchase the precious metal.
READ: Iran says ready to give ‘memorable lesson’ to any aggression
Demand for silver has also increased due to its growing use in several industries, such as electric vehicles and products and technologies that rely on artificial intelligence.
Global oil prices jumped by about 5 percent on Monday, with Brent crude futures rising by approximately 4.3-5 percent to reach around $105 a barrel.
US crude futures also climbed by a similar percentage (around 3.8-4.7 percent) to reach nearly $99 a barrel.
Monday’s gains came after Trump, in a post on his Truth Social platform on Sunday, described Iran’s response to the US proposal to end the war as “unacceptable.”
READ: Iran says ready to give ‘memorable lesson’ to any aggression
