Gold continues gains as Middle East war drives safe-haven demand
ReutersLast updated: Mar 03, 2026 at 07:26:00 IST
Synopsis
Gold prices jumped for a fifth straight session, hitting a four-week high as investors sought safe-haven assets amid escalating US and Israeli airstrikes against Iran. Fears of prolonged regional war and increased uncertainty are driving demand for the precious metal, with silver, platinum and palladium also seeing gains.
TIL CreationsSpot gold was up 1% at $5,377.21 an ounce by 0122 GMT. In the previous session, bullion prices rose to their highest level in more than four weeks after the United States and Israel launched strikes against Iran over the weekend.
Gold Price rose for a fifth straight session on Tuesday, as investors sought safe havens amid an escalation in the US and Israeli air war against Iran, raising fears that the conflict could escalate into a protracted regional war and deepen uncertainty.
FUNDAMENTALS
Spot gold was up 1% at $5,377.21 an ounce by 0122 GMT. In the previous session, bullion prices rose to their highest level in more than four weeks after the United States and Israel launched strikes against Iran over the weekend. U.S. gold futures for April delivery rose 1.5% to $5,391.90. The dollar remained near a more than five-week high reached Monday, supported by firm demand and cautious market sentiment. A stronger greenback generally makes dollar-denominated assets, such as bullion, more expensive for holders of other currencies. But in crisis conditions, gold trades more as a hedge against risk than as a monetary alternative. Iranian media reported that a senior Islamic Revolutionary Guard Corps official said Monday that the Strait of Hormuz had been closed and warned that Iran would shoot at any ship attempting to pass through the strategic waterway. It was Iran’s most explicit warning since it told ships on Saturday it was closing the export route, a move that threatens to choke off a fifth of global oil flows and send crude prices sharply higher. U.S. President Donald Trump said he ordered the attack on Iran to thwart what he described as imminent threats from Tehran’s nuclear and ballistic missile programs, vowing to continue the conflict for as long as necessary, while warning that a “big wave” of additional attacks was coming soon, without providing specific details. The attack on Iran plunged the Gulf into war, killed scores of civilians in Iran, Israel and Lebanon, threw global air transport into chaos and disrupted shipping through the Strait of Hormuz. Spot silver rose 1.4% to $90.67 an ounce on Tuesday, after hitting a more than four-week high in the previous session. Spot platinum gained 0.6% to $2,316.50 an ounce, while palladium gained 1.6% to $1,795.08.(What’s moving Sensex And Clever Track latest market news, stock market advice, Budget 2025, Equity market on the 2025 budget And expert adviceon AND Markets. Additionally, ETMarkets.com is now on Telegram. For the fastest news alerts on financial markets, investment strategies and stock market alerts, subscribe to our Telegram feeds .)
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