Gold climbs toward $4650 as Iran tensions fuel safe-haven demand

Gold moved back toward $4650 per ounce in Asian trade, bouncing off recent lows as escalating US-Iran tensions revived safe-haven demand. Concerns over possible military action and continued pressure on Iran kept market sentiment cautious. A softer US dollar, with the index slipping below 99, added further support despite the Federal Reserve holding rates with a slightly hawkish stance. Persistent inflation risks, driven by elevated energy prices, also continued to underpin bullion. On the domestic front, MCX June gold futures climbed by nearly 2% to around ₹1,51,475 per 10 grams, mirroring firm global trends. Looking ahead, the World Bank projects a strong upswing in commodity prices in 2026, with overall gains of about 16% amid ongoing geopolitical tensions. While gold is expected to stay elevated due to its safe-haven appeal, upside may remain contained as high interest rates and inflationary pressures limit further sharp gains.

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