Tensions between the US and Iran have boosted gold prices, with analysts predicting a short-term target of $5,600.

Gold prices continued their upward trend on Odaily, boosted by safe-haven demand. Spot gold rose as much as 2.7% to $5,071.79 per ounce on Monday, further driven by renewed geopolitical tensions between the United States and Iran. Gold prices had posted their biggest one-day gain since 2008 in the previous trading session. "Gold prices have rebounded to near the key $5,000 level…as geopolitical tensions have increased gold's safe-haven appeal following the downing of an Iranian drone by the U.S. military," said Jigar Trivedi, senior research analyst at IndusInd Securities. "Looking ahead, gold prices could reach $5,100 in the near term…we expect gold prices to reach $5,600 by the end of the first half of the year or by the end of April, after which prices will continue to rise, with our year-end target being $6,000 per ounce," Trivedi added. (Jinshi)