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Gold prices climbed back above key psychological levels in Asian trade on Wednesday, as renewed signs of tension between the United States and Iran reignited demand for safe-haven assets.
The yellow metal extended gains after staging a sharp rebound on Tuesday, with dip-buying still evident following last week’s steep selloff that erased more than $1,000 from prices.
Spot gold rose 2.3% to $5,060.28 an ounce by 01:17 ET (06:17 GMT), while April gold futures advanced 2.9% to $5,078.96 an ounce.
Iran concerns resurface ahead of nuclear talks
Safe-haven demand was supported by fresh geopolitical worries after reports overnight said the U.S. shot down an Iranian drone in the Arabian Sea. Separately, Iranian gunboats were seen approaching a U.S.-linked oil tanker in the Strait of Hormuz — a key global shipping chokepoint.
These developments partially offset earlier optimism after officials in Tehran and Washington confirmed plans to resume nuclear talks on Friday, news that had briefly eased geopolitical risk and weighed on gold earlier this week.
Recent pressure on bullion had largely stemmed from expectations that Kevin Warsh — nominated by U.S. President Donald Trump to lead the Federal Reserve — may prove less dovish than markets initially anticipated. That view drove a sharp rebound in the U.S. dollar, hurting metal prices, while profit-taking also followed gold’s surge to a record high near $5,600 an ounce last week.
Despite the pullback, gold remains up nearly 15% so far in 2026.
Silver, platinum rebound; OCBC remains bullish on gold
Other precious metals also moved higher on Wednesday. Spot silver rose 2.8% to $87.50 an ounce, while spot platinum jumped 3% to $2,286.72 an ounce, extending a broader recovery from recent heavy losses.
OCBC analysts cautioned that the rebound remains fragile, noting continued sensitivity to dollar moves, bond yield repricing, and uncertainty surrounding Federal Reserve policy under new leadership.
Still, the bank described last week’s sharp correction as a normalization rather than a trend reversal. OCBC said gold should remain supported by sustained central bank buying and ongoing geopolitical and fiscal risks, while silver is expected to benefit from its dual role as both a precious and industrial metal.
The bank reiterated its end-2026 price targets of $5,600 an ounce for gold and $133 an ounce for silver.
