Gold prices climbed toward $5,230 per ounce on Tuesday as investors assessed mixed signals about the duration and intensity of the Middle East conflict. President Trump indicated that military operations against Iran were approaching a conclusion and described the mission as “very complete.” In contrast, Defense Secretary Pete Hegseth cautioned that Tuesday would be the most intense day of strikes so far.
This geopolitical tension, combined with a weakening US dollar and a sharp pullback in Treasury yields, has strengthened the appeal of non-yielding bullion. Market participants are increasingly focused on the risk of stagflation, particularly as global leaders consider tapping emergency oil reserves to offset recent energy shocks.
While the immediate safe-haven demand for gold remains solid, the metal’s next move will largely depend on Wednesday’s inflation data and the outcome of the Federal Reserve’s policy meeting on March 18. Ongoing central bank diversification into physical gold continues to provide a firm floor under prices.
