The price of gold and oil increases! How Iran's attack on Israel is affecting the financial markets

Gold prices rose as Asian stocks mostly fell on Monday, as rising geopolitical tensions in the Middle East fueled demand for safe-haven investments after Iran launched an unprecedented attack on Israel over the weekend.

Oil prices were lower on Friday in anticipation of retaliatory actions by Iran, reaching their highest levels since October.

They retreated slightly during Asian trading hours on Monday as traders capped geopolitical risk premium after the attack caused only minor damage, according to Israeli military officials.

"Elevated tensions in the Middle East amid a deteriorating geopolitical backdrop kept commodity markets on edge," analysts at ANZ said in a research report on Monday.

Iran's attack is likely to raise concerns about a possible disruption of oil supplies, they said. The extent of this risk will likely be determined by the response of the Israeli government.

Ahead of Iran's attack, US stocks fell sharply on Friday as Wall Street worried about escalating tensions in the Middle East.

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