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Gold prices edged higher in Asian trading on Tuesday but remained confined within a narrow range as investors looked for clearer signals on a potential de-escalation in the ongoing conflict involving the United States, Israel, and Iran.
Bullion gained modestly alongside an improvement in market sentiment after U.S. President Donald Trump suggested that the conflict with Iran could end soon. He also indicated that Washington was considering measures to ease the recent surge in oil prices caused by supply disruptions.
Spot gold rose 0.8% to $5,175.48 per ounce by 01:55 ET (05:55 GMT), while gold futures advanced 1.6% to $5,184.79 per ounce. The metal had recorded only marginal gains on Monday after experiencing sharp intraday swings.
Gold stuck in $5,000–$5,200 range
Despite the uptick, gold continued to trade within a $5,000–$5,200 per ounce range that has persisted over the past week, reflecting mixed investor sentiment amid heightened global uncertainty.
While the Iran conflict has supported demand for safe-haven assets such as gold, the metal’s upside has been limited by concerns that the conflict could drive inflation higher, prompting central banks to maintain a more hawkish stance on interest rates.
Analysts at ANZ noted that gold’s strong rally earlier this year has recently faced profit-taking, with investors seeking liquidity amid a sharp selloff in global equity markets.
Other metals advance
Other precious metals also moved higher during the session.
- Spot silver jumped nearly 6% to $89.1915 per ounce
- Platinum rose 0.7% to $2,201.48 per ounce
Meanwhile, industrial metals also gained ground, with London Metal Exchange copper futures rising 1.3% to $13,095.30 per tonne.
Trump signals possible de-escalation
Market risk appetite improved slightly after Trump stated several times on Monday that the conflict with Iran could end soon.
He also suggested potential measures to mitigate supply disruptions in global energy markets, including temporarily waiving sanctions on certain oil sellers, particularly Russia, to stabilize oil supply.
However, Trump did not provide a clear timeline for a potential resolution and maintained a tough stance toward Tehran. He warned Iran of severe consequences if it attempts to block the Strait of Hormuz, a critical global oil transit route.
“We will take out easily destroyable targets that will make it virtually impossible for Iran to ever be built back as a nation again — death, fire, and fury will reign upon them,” Trump said.
Iran rejected Trump’s remarks and reiterated that it would continue blocking the Strait of Hormuz until U.S. and Israeli attacks cease.
Conflict enters eleventh day
The war entered its eleventh consecutive day on Tuesday, with little indication that hostilities in the Middle East will ease soon.
If the conflict persists, analysts expect gold to remain supported by ongoing safe-haven demand, particularly as rising oil prices threaten to trigger broader inflation shocks across the global economy.
