Gold extends gains as Middle East war boosts safe-haven demand

Gold prices rose for a fifth consecutive session on Tuesday, as investors sought safe-havens amid an escalating US and Israeli air war against Iran, raising fears the ​conflict could spiral into a protracted regional war and deepen uncertainty. Spot ‌gold was up 1% at $5,377.21 per ounce, as of 0122 GMT. In the previous session, bullion climbed to its highest point in more than four weeks after the U.S. and Israel launched strikes ​on Iran over the weekend. US gold futures for April delivery were ​up 1.5% at $5,391.90.The dollar hovered close to a more than five-week ⁠high reached on Monday, supported by firm demand and cautious market sentiment. A stronger ​greenback typically makes dollar-denominated assets such as bullion more expensive for other currency holders. ​But in crisis conditions, gold trades more as a risk hedge than as a currency alternative.