Gold Prices Climb Amid U.S.-Iran War Uncertainty and Oil Supply Fears

Gold prices pushed higher in Asian trading on Tuesday, building on a volatile session as investors kept a close eye on escalating tensions between the United States, Israel, and Iran, along with growing concerns about global oil supply disruptions.

Spot gold gained 0.9% to reach $5,180.95 per ounce, while gold futures climbed 1.7% to $5,190.86 per ounce. The uptick came as broader market sentiment improved after U.S. President Donald Trump suggested the conflict with Iran could be nearing its end, adding that Washington was exploring ways to ease the ongoing surge in crude oil prices.

Iran, however, pushed back on Trump's remarks, asserting that it — not the United States — would determine when hostilities cease. The country had previously launched retaliatory strikes on neighboring Middle Eastern nations and targeted commercial vessels passing through the Strait of Hormuz following U.S.-Israeli military action.

Despite the week's gains, gold continued to trade within a well-defined $5,000 to $5,200 per ounce range that has held for the past week. Traders remain cautious as a wave of global economic uncertainties clouds the outlook. While geopolitical instability has driven safe-haven demand for gold, price gains have been capped by fears that conflict-driven inflation could push major central banks toward more aggressive monetary tightening.

Analysts at ANZ highlighted that gold's strong yearly rally has faced headwinds from profit-taking, as investors liquidate holdings to cover losses stemming from a sharp downturn in global equity markets.

Other precious metals also posted gains. Spot silver surged nearly 6% to $89.19 per ounce, while spot platinum advanced 0.7% to $2,201.48 per ounce. In industrial metals, London Metal Exchange copper futures rose 1.3% to $13,095.30 per tonne, reflecting renewed appetite for risk assets across commodity markets.