FX.co ★ Gold Rises as Mideast Conflict Drags On

Gold climbed to roughly $5,170 per ounce on Thursday, extending the previous session’s gains as investors sought safe-haven assets amid intensifying tensions in the Middle East. The conflict entered its sixth day, with US and Israeli forces striking targets across Iran and Tehran responding with missile attacks on several neighboring countries, including key energy facilities. President Donald Trump voiced support for the US campaign, while American officials reported that an Iranian warship had been sunk in international waters. Iranian authorities denied media claims that their intelligence ministry had reached out to Washington to initiate talks, dismissing the reports as false. Meanwhile, the US Treasury Secretary confirmed that a global 15% tariff will take effect this week, with the possibility of being rolled back within five months. Rising oil and gas prices have reignited inflation worries, leading traders to push back expectations for Federal Reserve rate cuts; markets now see the first cut in September, with two reductions still priced in for 2026.