Gold rebounds as US–Iran tensions support safe-haven demand

Gold rebounded in Asian trading on Wednesday, rising 1.2 per cent to $5,150.63 an ounce after plunging nearly 5 per cent on Tuesday, as investors weighed safe-haven demand amid escalating US–Iran tensions and a stronger dollar. US gold futures gained 0.8 per cent to $5,166.40.

Silver jumped 3 per cent to $84.44, platinum rose 2.8 per cent to $2,148.50, and copper edged higher in London and US markets. Chinese factory data showed mixed signals, with official PMI contracting but private surveys indicating expansion.

The US Dollar Index steadied after hitting six-week highs, limiting gold’s upside by making it costlier for overseas buyers. Geopolitical fears over potential energy disruptions supported bullion, while oil prices remained elevated, adding to inflation concerns and complicating central bank outlooks.

Attribution: Investing.com