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Gold price (XAU/USD) tumbles to around $4,980 during the early Asian session on Monday. The precious metal faces some selling pressure despite intense geopolitical conflict in the Middle East. Traders will closely monitor the developments surrounding the United States (US)-Israel war with Iran. 

Silver (XAG/USD) stages a modest recovery from a nearly two-week low, around the $78.35 region touched during the Asian session on Monday, and climbs back above the $81.00 mark in the last hour.

GBP/USD inches higher after four days of losses, trading around 1.3260 during the Asian hours on Monday.

West Texas Intermediate (WTI) Crude Oil prices retreated from the vicinity of the $100.00 psychological mark, or a one-week high touched during the Asian session on Monday.

US President Donald Trump said on Monday that he is discussing with other countries about policing the Strait of Hormuz, adding that Israel is collaborating with the US on securing the vital shipping route.

European Union (EU) foreign ministers are meeting in Brussels to debate a potential naval response to the effective closure of the Strait of Hormuz. 

The USD/CAD pair trades in negative territory around 1.3710 during the early Asian trading hours on Monday. Traders will closely monitor the situation in the Middle East.

The United Kingdom (UK) plans to send minesweeping drones to the Strait of Hormuz in an attempt to allow the flow of oil exports to resume, the Guardian reported on Sunday.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, retreats after touching a near 10-month high of 100.54 in the previous session, trading around 100.20 during Asian hours on Monday.

Crude Oil Prices are roughly 3% up at the weekly opening, with the barrel of West Texas Intermediate (WTI) crude hovering around $99.