Gold gains as Israel-Iran conflict lifts safe-haven appeal
Spot gold was up 0.1% to $3,386.29 an ounce, as of 1203 GMT. U.S. gold futures fell 0.4% to $3,404.90.
Israel's attacks on Iran have broadened its conflicts in the region to a level that poses a global threat, Jordan's King Abdullah said in a speech in the European Parliament on Tuesday.
U.S. President Donald Trump said he wanted a "real end" to the nuclear dispute with Iran and cut short his trip to the G7 summit in Canada. A separate report said he had asked for his administration's National Security Council to be prepared in the situation room.
"Gold still retains its bias for lurching upwards on signs of a worsening Middle East conflict, given the precious metal's stature as the preferred safe haven of late," said Han Tan, chief market analyst at Exinity Group.
Zero-yield bullion is considered a hedge against geopolitical and economic uncertainty and tends to thrive in a low-interest environment.
"Barring knee-jerk spikes on a worsening geopolitical conflict, bullion bulls' quest for pushing spot prices sustainably above $3500 may only be fulfilled once the Fed signals a sooner-than-later rate cut," Tan said.
The U.S. central bank's rate decision and Chair Jerome Powell's remarks are due on Wednesday. Traders are currently pricing in two cuts by the end of the year.
Meanwhile, Citi lowered its short-term and long-term price targets for gold, projecting prices could drop below $3,000 per ounce by late 2025 or early 2026, driven by declining investment demand and an improving global growth outlook, it said in a note on Monday.
Elsewhere, spot silver was up 1.9% at $37.01 per ounce, its highest level since February 2012, platinum rose 1.3% to $1,262.43, while palladium gained 1.5% to $1,044.94.
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