Gold prices hit new highs as geopolitical tensions deepen in the Middle East.

Asian company stocks fell after Iran struck back at Israel late Sunday, while gold prices continued to rise, CNN reported.

Japan’s stock indexes Nikkei 225 and South Korea’s Kospi both fell more than 1%.

Hong Kong’s Hang Seng Index fell 0.8%, while China’s Shanghai Composite Index rose 1.2%.

In terms of gold, spot gold prices rose 0.6% to $2,358 per ounce on Monday. Gold prices hit a record high of $2,431 an ounce on Friday as worries about Iranian retaliation grew.

Additionally, oil prices fell on Monday after reaching their highest levels on Friday.

Analysts at Australia and New Zealand Banking Group (ANZ) said, “Commodity markets are on edge as tensions rise in the Middle East amid a deteriorating geopolitical backdrop.”

In addition, Iran’s involvement in the Israeli-Palestinian conflict could disrupt oil supplies and further affect prices.

“The extent of this risk may depend on the Israeli government’s response,” they said.

Jateen Trivedi, research analyst at LKP Securities, said: “The rise in gold prices has been largely driven by escalating tensions between Iran and Israel amid the ongoing crisis in the Middle East. This geopolitical uncertainty “