Amidst the backdrop of declining stock markets and ongoing US-Iran tensions, safe-haven demand is driving up gold prices

Odaily News On Friday, spot gold rebounded following a significant sell-off in the previous trading session. Despite the CME Group raising margins on precious metals to manage risk, gold found some support due to weakening global equity markets and unresolved US-Iran tensions. Kelvin Wong, Senior Market Analyst at OANDA, stated: "We are indeed seeing some safe-haven inflows, but it's important to note that the market remains cautious after last Friday's sell-off... concerns about US-Iran tensions persist." He added, "Gold price movements could be quite volatile in the short term." The global equity sell-off on Wall Street spread to Asia on Friday, with most regional benchmark stock indices closing lower. Furthermore, the US Dollar Index hovered near a two-week high, putting pressure on precious metal prices this week. (Jin10)