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Gold prices edged higher during Asian trading on Wednesday as investors assessed escalating tensions between the United States and Iran while awaiting the release of the Federal Reserve’s June meeting minutes for fresh clues on the outlook for U.S. interest rates.
Spot gold rose nearly 0.6% to $4,128.81 per ounce after suffering a sharp 1.6% decline in the previous session. Gold futures, however, slipped 0.4% to $4,139.41 an ounce, reflecting cautious sentiment ahead of key monetary policy signals.
The rebound in bullion came after renewed military action in the Middle East drove oil prices higher, reviving concerns that rising energy costs could keep inflation elevated. Washington launched fresh strikes on Iran and revoked allowances for Iranian oil exports following attacks on vessels in the Strait of Hormuz, increasing uncertainty over the future of a framework agreement reached between the two countries in June.
Although U.S. officials indicated diplomatic talks with Tehran remain ongoing, the latest developments have heightened geopolitical risks and fueled volatility across commodity markets.
Analysts noted that while geopolitical uncertainty typically supports safe-haven assets like gold, the latest rally in crude oil has shifted investor attention toward inflation and the possibility of higher interest rates. Elevated oil prices could strengthen inflationary pressures, reducing expectations for near-term monetary easing and limiting gains in non-yielding assets such as gold.
OCBC analysts said the current market reaction has been driven more by concerns over oil, inflation and interest rates than by traditional safe-haven demand. They added that gold and silver could struggle to extend gains unless crude prices stabilize or expectations for Federal Reserve policy become less hawkish.
Investors are now focused on the Fed’s June meeting minutes, which could provide further insight into policymakers’ thinking after officials maintained a hawkish stance and several members backed the possibility of higher interest rates. Market participants will also watch for signals from new Fed Chair Kevin Warsh regarding the central bank’s policy direction.
Among other precious metals, spot silver fell 0.3% to $61.145 per ounce, while spot platinum eased 0.2% to $1,639.60 per ounce.
