Gold spot prices (XAU/USD) climbed 1.8% to $4,564 per ounce on Monday as investors sought safety amid the dramatic escalation between Iran and the UAE near the Strait of Hormuz. The precious metal is up 41% over the past twelve months and remains well-bid despite trading approximately 18% below its January 28 all-time record of $5,589.38 — a pullback that has attracted renewed institutional accumulation rather than signaling trend exhaustion.
World Gold Council preliminary data for April showed global central-bank gold purchases tracking above 100 metric tons for the month — the strongest pace since the January spike that accompanied gold's run to record highs. China's People's Bank of China continued its accumulation streak, now at 24 consecutive monthly increases, with total reserves estimated at approximately 2,420 tons representing 5.6% of FX reserves at current prices. The Reserve Bank of India and the National Bank of Poland remained the second and third-largest disclosed buyers.
Mining Equities Rally
Gold mining stocks surged on the elevated spot price: Newmont Corporation (NEM) gained 3.8% to $61.40, Barrick Gold (GOLD) rose 4.2%, Agnico Eagle Mines (AEM) climbed 3.6%, and Wheaton Precious Metals (WPM) added 4.1%. The VanEck Gold