Mumbai/IBNS, March 2 -- Prices of precious metals surged sharply on Monday as investors sought safe-haven assets amid rising geopolitical tensions in the Middle East, media reports said.

The rally comes in the wake of heightened hostilities following a joint military strike by the United States and Israel on Iran, which reportedly killed Supreme Leader Ali Khamenei. Iran responded with ballistic missile and drone attacks on Israeli cities and US military bases in the region.

Further escalation occurred as Hezbollah launched attacks on Israel, claiming retaliation for the deaths of senior Iranian leaders. Israel, in turn, struck Hezbollah targets in Beirut and southern Lebanon.

The broader Iran-Israel conflict intensified on February 28...