On March 3, escalating Middle East tensions amid US and Israeli airstrikes on Iran increased demand for safe-haven assets, helping gold rise for a fifth consecutive trading session. At 01:22 GMT, spot gold gained 1% to US$5,377.21 an ounce, after reaching a more-than-four-week high in the previous session, while US gold futures for April delivery rose 1.5% to US$5,391.90.
Although the dollar remained around a five-week high and exerted some pressure on gold, the metal was increasingly viewed as a risk hedge rather than simply an alternative currency in the crisis. Iranian authorities announced the closure of the Strait of Hormuz and threatened action against passing vessels. The strait carries about one-fifth of global crude-oil shipments; prolonged disruption could raise oil prices and intensify market volatility.
Other precious metals also rose: silver gained 1.4% to US$90.67 an ounce, platinum 0.6% to US$2,316.50 and palladium 1.6% to US$1,795.08. The report interpreted the gains as continuing demand for safe-haven assets.
Compiled by this broadcaster