Gold edges higher amid U.S.–Iran tensions but set for weekly loss

Gold prices remained largely muted this week, balancing between safe-haven demand from geopolitical tensions and pressure from a strong U.S. dollar and cautious Federal Reserve signals. Despite short-term fluctuations, the yellow metal is on track for a weekly decline.

Spot gold gained 0.4% to $5,017.85 per ounce today, while U.S. gold futures rose 0.8% to $5,036.50.

Heightened strain between the United States and Iran has provided some support for gold. Recent warnings from Washington over Iran’s nuclear activities have stirred market caution, keeping investors alert to potential Middle East risks.

At the same time, a firm U.S. dollar and signals from the Federal Reserve that rate cuts are not imminent have limited gains. Investors are closely watching upcoming U.S. inflation data, particularly the Personal Consumption Expenditures Price Index, for clues about future monetary policy.

Other precious metals, including silver (3,37%) and platinum (2.57%), posted modest gains alongside gold, reflecting ongoing uncertainty in global markets, while copper prices remained steady on underlying industrial demand. Analysts suggest that while geopolitical tensions may offer intermittent support, gold is likely to stay under pressure until clearer signals emerge from both the Fed and global political developments.

Benedetta Zimone