Gold prices moved higher during Asian trading on Tuesday, climbing back above key levels as investors monitored developments in the U.S.-Israel conflict with Iran, fluctuations in oil prices and a series of central bank policy meetings scheduled for this week.
The precious metal had briefly slipped below the $5,000-per-ounce mark in the previous session. However, it recovered after a pullback in oil prices eased some concerns about the inflationary impact of the conflict.
Spot gold increased 0.6% to $5,035.62 per ounce by 01:26 ET (05:26 GMT), while gold futures gained 0.8% to $5,039.94 per ounce.
Gold trades within a narrow range amid Iran war uncertainty
Despite the gains, gold continued to trade within the $5,000–$5,200 range that has prevailed for roughly three weeks, as the market weighed competing forces tied to the Iran conflict.
Demand for safe-haven assets supported prices, but these gains were partly offset by worries that the conflict could fuel higher global inflation.
Other precious metals also advanced during the session. Spot platinum climbed 1.9% to $2,156.27 per ounce, while spot silver rose 1% to $81.785 per ounce.
However, similar to gold, both metals have largely moved sideways since retreating from record highs reached in late January.
Central bank decisions in focus
Investors are also watching several major central bank meetings taking place this week, with the Federal Reserve’s policy decision on Wednesday attracting the most attention. The Fed is widely expected to leave interest rates unchanged as policymakers evaluate the inflation risks linked to the Iran conflict.
The Bank of Canada will also hold a meeting on Wednesday, while the Bank of Japan, Swiss National Bank, Bank of England and the European Central Bank are all scheduled to announce rate decisions on Thursday.
Market attention is centred on inflation trends and interest-rate expectations, particularly as rising energy prices tied to the Iran conflict could influence monetary policy.
There are growing concerns among investors that a surge in oil-driven inflation could prompt central banks to adopt a more hawkish stance, potentially keeping borrowing costs elevated for a longer period.
Higher interest rates typically weigh on non-yielding assets such as gold because they reduce the relative attractiveness of holding the metal. Much of gold’s rally earlier in 2026—when prices surged to record highs near $5,600 per ounce—was driven by expectations that interest rates would decline during the year.