Gold prices climbed more than 2% to around $5,390 an ounce as escalating Middle East conflict drove investors toward safe-haven assets. The metal has gained about a quarter so far this year, despite pulling back from a record high above $5,595 an ounce in January. Bullion posted its seventh consecutive monthly gain in February, the longest streak since 1973.

Wider geopolitical tensions and President Trump's aggressive foreign policy have fueled gold's long-running rally. The US and Israel launched strikes across Iran over the weekend after Tehran responded with missile attacks on targets in multiple countries. Iran's supreme leader, Ayatollah Ali Khamenei, was killed on the first day of strikes, further destabilizing the region and boosting demand for precious metals.

Oil prices surged by the most in four years as the Strait of Hormuz effectively closed, while the Bloomberg Dollar Spot Index climbed 0.4%. Despite the dollar's rebound, precious metals, oil and commodities continued rising, demonstrating their status as true hard currency during this extraordinary period. Spot gold rose 1.9% to $5,380.91 an ounce, with silver, platinum and palladium also gaining.