Gold prices rose on Monday in Asia and traded above the key $1,400 level amid intensifying conflicts between the U.S. and Iran.
Gold futures for August delivery, traded on the Comex division of the New York Mercantile Exchange, were up 0.5% at $1,406.55per ounce by 12:38 AM ET (04:38 GMT).
Prices of the yellow metal gained today as conflict in the Middle East reached new heights. Late last week, Iran shot down an American surveillance drone and accused the U.S. of incursion and spying over Iranian airspace, while the Pentagon said that the aircraft was in international airspace when it was targeted.
Gold is often considered a safe haven in times of political and economic uncertainty.
Meanwhile, a more dovish U.S. Federal Reserve has supported the gold market while the US-China trade conflict continued to dent investor sentiment.