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Gold surges toward $5,400 as the death of Iran's Supreme Leader and the Strait of Hormuz blockade ignite a massive safe-haven rally. Discover if XAU/USD targets $6,000.

Gold (XAU) prices opened higher on Monday after the U.S. and Israel launched major strikes on Iran and killed Ayatollah Ali Khamenei. This event dramatically bumped up geopolitical risk and global uncertainty.

Gold and silver climbed as military strikes by the U.S. and Israel against Iran spurred safe-haven demand. “Gold remains the clearest barometer of investor fear,” eToro said.

“Positive,” according to an unnamed senior U.S. official who spoke to Axios, which reported Omani Foreign Minister Badr Al Busaidi, a mediator in the negotiations, said the talks have shown “significant progress.” Al Busaidi is meeting with Vice President JD Vance and other U.S. officials in Washington on Friday, with negotiations slated to continue next week.

Jeremy Szafron joins Kitco News as an anchor and producer from Kitco's Vancouver bureau.  Jeremy is a seasoned journalist with a diverse background covering entertainment, current affairs and finance.

Gold tested new highs as traders focused on geopolitical tensions and reacted to the U.S. Producer Prices report.

Ernest Hoffman is a Crypto and Market Reporter for Kitco News. He has over 15 years of experience as a writer, editor, broadcaster and producer for media, educational and cultural organizations.

Jeremy Szafron joins Kitco News as an anchor and producer from Kitco's Vancouver bureau.  Jeremy is a seasoned journalist with a diverse background covering entertainment, current affairs and finance.

Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York.

Gold holds its bullish trend as US-Iran tensions and 10% tariffs drive safe-haven demand. Will a hawkish Fed and strong USD cap XAU/USD gains at the $5,200 level?