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Gold prices moved higher during Asian trading on Wednesday, recovering some of the sharp losses from the previous session as investors reassessed demand for safe-haven assets amid escalating geopolitical tensions between the United States and Iran and a stronger U.S. dollar.
Spot gold climbed about 1.4% to $5,158.27 per ounce as of 20:17 ET (01:17 GMT), while U.S. gold futures rose 0.8% to $5,166.40. The rebound followed a steep 4.5% decline on Tuesday when the precious metal came under pressure from a surge in the U.S. dollar and rising U.S. Treasury yields.
The U.S. Dollar Index edged up another 0.2% during Asian hours after jumping 0.7% overnight to a six-week high. Strength in the dollar was driven by increased demand for the currency as a safe haven and fading expectations that the Federal Reserve will implement aggressive interest rate cuts in the near term. A stronger dollar typically weighs on gold because it makes the metal more expensive for buyers using other currencies, which can reduce global demand.
Despite this pressure, ongoing geopolitical risks in the Middle East continued to provide support for gold prices. The conflict between the U.S. and Iran intensified after coordinated U.S. strikes targeted Iranian-linked facilities, prompting retaliatory threats from Tehran. Investors are increasingly worried that the confrontation could escalate further and destabilize the broader region.
Market participants also fear that rising tensions could disrupt global energy supplies, particularly along key shipping routes in the Persian Gulf. Oil prices remained elevated due to these concerns, fueling inflation worries and complicating the outlook for global central banks. Higher inflation expectations often boost demand for gold, as the metal is widely viewed as a hedge against both geopolitical instability and rising prices.
Analysts noted that gold is currently being influenced by two opposing forces: growing safe-haven demand driven by geopolitical uncertainty and macroeconomic pressure from a stronger U.S. dollar and higher Treasury yields.
Other precious metals also advanced during the session. Silver gained 1.6% to $83.38 per ounce, while platinum rose 0.3% to $2,124.48 per ounce, reflecting broader strength across the precious metals market.
