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Gold Prices Rebound from Weekly Lows as US–Iran Tensions Drive Market Sentiment
Global gold prices rebounded on Wednesday (April 23, 2026) after falling to their lowest level in over a week during the previous session. The recovery was largely driven by bargain hunting, as investors took advantage of lower prices, while growing geopolitical tensions between the United States and Iran renewed safe-haven demand.
In the latest trading session, spot gold rose by 0.5% to reach $4,735.65 per ounce at 13:40 local time, بعدما earlier gaining as much as 1% at the start of the session. Meanwhile, U.S. gold futures for June delivery closed 0.7% higher at $4,753.00 per ounce.
Market analysts suggest that the rebound was primarily fueled by technical factors following the sharp decline seen on Tuesday. According to Jim Wyckoff, senior analyst at Kitco Metals, buying activity emerged after recent losses, reflecting strong bargain hunting across precious metals, including gold and silver.
Geopolitical risks remain a key driver of market sentiment. Reports indicate that Iran has seized two vessels in the Strait of Hormuz, a critical global shipping route and one of the most sensitive geopolitical hotspots in the Middle East.
At the same time, U.S. President Donald Trump has yet to set a clear deadline regarding a potential ceasefire with Iran, despite ongoing diplomatic pressure. So far, there are no signs of renewed peace negotiations between the two nations.
Tensions in the region have further escalated following renewed instability in the Israel–Lebanon ceasefire, after an Israeli drone strike reportedly killed at least three people in Lebanon.
Despite these developments, some analysts believe the market remains cautiously optimistic that tensions in the Strait of Hormuz could ease. Bart Melek, Head of Global Commodity Strategy at TD Securities, noted that gold prices received modest support from hopes of de-escalation, although the situation remains fragile and uncertain.
From a broader perspective, gold prices have declined by approximately 11% since the escalation of the US–Israel–Iran conflict in late February. Rising oil prices have fueled inflation concerns, while elevated interest rates continue to weigh on gold’s appeal as a non-yielding asset.
Investors are also closely watching the direction of U.S. monetary policy. Federal Reserve Chair nominee Kevin Warsh emphasized that he has made no commitments to President Trump regarding interest rate cuts, reaffirming the central bank’s independence amid the Senate confirmation process.
Other precious metals also posted gains. Spot silver climbed 1.4% to $77.80 per ounce, platinum surged 2.1% to $2,079.80, and palladium advanced 1.3% to $1,553.43 per ounce.