Baghdad: Gold prices stabilized on Monday as investors monitored the escalating tensions in the Middle East and the possibility of the Federal Reserve raising interest rates to curb price pressures. Spot gold was trading at $4,018.90 per ounce by 04:55 GMT, while US gold futures for August delivery saw a slight increase of 0.1%, reaching $4,023.10.

According to National Iraqi News Agency, oil prices experienced a significant surge, jumping more than 3% following continued US military actions against Iran for the ninth consecutive day. The escalation has led to a confirmed death toll of three US military personnel, raising concerns about the security of shipping routes through the strategic Strait of Hormuz.

In the realm of other precious metals, silver showed a positive movement, rising 1.7% in spot trading to $56.87 an ounce. Platinum remained steady at $1,592.34, while palladium experienced a minor increase, edging up 0.1% to $1,249.25.