Gold climbs over 1% as US-Israeli strikes on Iran fuel safe‑haven demand

Gold prices rose over 1% on Wednesday, rebounding from a more ‌than one-week low hit in the previous session, as escalating US-Israeli air strikes against Iran and heightened geopolitical uncertainty supported safe-haven demand. Spot gold gained 1.6% to $5,168.69 per ounce as of 0249 GMT. US ​gold futures for April delivery added 1.1% to $5,178.40. On Tuesday, bullion fell more than ​4% to its lowest since February 20, weighed by a firmer dollar and ⁠dimming rate-cut prospects as inflation concerns were intensified by fears of a potentially prolonged Middle ​East conflict. “I think for gold to shrug this off over the course of a ​number of days wouldn’t be surprising because it has tended into its own narrative and has been resilient despite whatever the dollar is doing, despite what yields have been doing since the ​beginning of last year,” said Ilya Spivak, head of global macro at Tastylive.