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Gold prices extended gains in Asian trading on Tuesday, marking a fourth consecutive session of advances as investors reacted to escalating geopolitical tensions in the Middle East. Safe-haven demand remained strong, although a firmer U.S. dollar limited further upside in the precious metals market.
Spot gold climbed 1.1% to $5,378.55 per ounce by 20:26 ET (01:26 GMT), while U.S. gold futures jumped 1.5% to $5,390.06. The yellow metal had already gained 1% in the previous session, reflecting sustained investor interest amid rising global uncertainty.
The rally in gold prices was largely driven by intensifying conflict in West Asia. Over the weekend, U.S. and Israeli forces carried out large-scale military strikes on Iran, reportedly killing Supreme Leader Ayatollah Ali Khamenei and several senior commanders. In response, Iran launched missile attacks across the region, raising fears of a prolonged and wider conflict. Israeli strikes on Lebanon following Hezbollah attacks, along with reports of Kuwaiti air defenses mistakenly downing U.S. jets, further heightened regional instability.
U.S. President Donald Trump indicated that military operations could continue for several weeks, acknowledging uncertainty within Iran’s leadership after Khamenei’s death. The growing risk of extended geopolitical turmoil has reinforced gold’s role as a safe-haven asset during times of crisis.
Additional support for bullion came from surging oil prices. Iran has threatened to target vessels transiting the Strait of Hormuz, a critical route for global oil supplies. Concerns over potential supply disruptions have lifted crude prices and fueled inflation expectations, both of which typically benefit gold.
However, gains in gold were partially capped by a stronger U.S. dollar. The U.S. Dollar Index rose 0.2% during Asian hours after surging 0.8% in the previous session to its highest level since late January. A stronger greenback makes gold more expensive for international buyers, tempering demand.
In other precious metals trading, silver rose 1.6% to $90.75 per ounce, while platinum added 0.5% to $2,321.06 per ounce, reflecting broader strength across the commodities market.
