Gold Struggles Amid Oil Rebound, Geopolitical Tensions

Gold prices hovered near $4,020 per troy ounce in Asian dealings on Wednesday, extending their subdued tone for a second straight session.

The metal struggled to gain traction as oil prices rebounded following a fresh flare-up in Middle East tensions, sharpening investor focus on inflation risks and interest rates.

Renewed geopolitical stress originated from an Iranian strike aimed at US forces across the region. Iran launched multiple ballistic missiles toward a US base in Jordan, but all were intercepted successfully.

The jump in crude prices linked to these developments reinforced worries over inflation, undermining appetite for non-yielding assets like gold despite its traditional safe-haven role.