Gold gains on safe-haven demand as Middle East conflict widens

Gold rose on Thursday as the widening Middle East conflict drove investors ‌towards the safe-haven asset, while a softer dollar also lent support to bullion prices. Spot gold climbed 0.8% to $5,177.26 per ounce by 0249 GMT. US gold futures for April delivery were up 1% at $5,186.40. The US dollar eased ​from a more than three-month high hit earlier this week, making greenback-priced gold less expensive ​for holders of other currencies. “Gold benefits from the kind of geopolitical risks ⁠that we’ve seen flared up in the last few days. So (prices rose due to) a bit ​of a function of normalising financial conditions and a US dollar that’s pulling back from highs,” ​said Kyle Rodda, senior financial market analyst.