Gold Shines Brighter as US-Iran Tensions Rise

Gold surged back near $5,100 on Wednesday, driven by safe-haven demand amid rising U.S.-Iran tensions. Spot gold jumped 2.9% to $5,082.94, after a nearly 6% gain on Tuesday, the biggest daily jump since 2008, following last week’s record high of $5,594.82. U.S. April gold futures climbed 3.4% to $5,103.50. Analysts say the recent pullback from Monday’s low of $4,403.24 was expected, with year-end targets reaching $6,000 per ounce. Silver rose 6.1% to $90.34, platinum gained 5.6% to $2,334.25, and palladium increased 5.4% to $1,826.21. Gold is currently up over 17% for the year, while silver is up about 21% this year. The U.S. military’s downing of an Iranian drone near the Abraham Lincoln carrier in the Arabian Sea added to market uncertainty, while investors await ADP private payroll data for hints on Fed policy.