Wednesday 04/March/2026 – 09:09 AM
Prices rose gold By more than 1% today, Wednesday, rising from its lowest level in more than a week recorded in the previous session, as the escalation of the US-Israeli air strikes on Iran and the increase in geopolitical uncertainty supported the demand for safe havens.
Gold in spot transactions rose 1.6% to $5,168.69 per ounce by 0249 GMT, and US gold futures for April delivery rose 1.1% to $5,178.40.
Fears of the continuation of conflict in the Middle East
Yesterday, Tuesday, gold fell by more than 4% to the lowest level since February 20, affected by the rise in the dollar and the decline in the possibility of cutting interest rates, with increasing concerns about inflation due to fears that the conflict in the Middle East may continue for a long time.
Ilya Spivak, Head of Global Macroeconomics at Tasty Live, said: “I think it would not be surprising if gold shrugs this off over several days because it tends to follow its own path, remaining resilient regardless of how the dollar performs.”
Global oil and gas prices rose with the disruption of energy exports from the Middle East due to the US-Israeli war on Iran, as Tehran attacked ships and energy facilities, stopped navigation in the Gulf, and forced Qatar and Iraq to stop production.
Global stock markets fell as investors’ concerns about inflation exacerbated due to the disruption of energy supplies from the Middle East.
Rising geopolitical tensions
Christopher Wong, an analyst at OCBC, said: The rise in oil prices as a result of escalating geopolitical tensions in Iran has increased concerns about inflation and complicated expectations for monetary easing.
According to the Fed Watch tool of the CME Group, which operates US futures exchanges, investors expect the US Central Reserve to keep interest rates unchanged at the end of its next two-day meeting on March 18.
As for other precious metals, silver in spot transactions rose 3.5% to $84.92 per ounce today, Wednesday, after falling by more than 8% in the previous session. Platinum in spot transactions increased 2.7% to $2,139.56 per ounce, while palladium rose 1.6% to $1,673.87.
