FX.co ★ Gold Rises Slightly Amid Middle East Tensions

Gold rose to $4,750 per ounce on Thursday as investors assessed the fragility of the US-Iran ceasefire amid an escalating conflict in the Middle East, while surging oil prices intensified concerns over energy-driven inflation. The precious metal traded near its highest level since March 19, supported by a slightly weaker US dollar, as markets watched closely to see whether the ceasefire would hold. Key points of contention remain unresolved, and the Strait of Hormuz remains closed. US President Donald Trump warned of a major escalation if Iran rejects the deal, while Israel’s deadliest attack in Lebanon—killing more than 250 people—prompted Tehran to threaten retaliation. Since the war began on February 28, gold has fallen more than 11%, as soaring oil prices have dampened expectations for US interest rate cuts in 2026.