Gold prices rose 1% on Wednesday, rebounding from a more than one-week low hit in the ​previous session, as escalating ⁠U.S.-Israeli air strikes against Iran heightened geopolitical uncertainty and supported ‌safe-haven demand.

FUNDAMENTALS

* Spot gold gained 1% to $5,138.46 per ounce as of 0052 GMT. On Tuesday, bullion ​fell to its lowest since February 20, weighed by a firmer dollar and dimming ​rate-cut prospects ​as inflation concerns intensified amid fears of a potentially prolonged Middle East conflict.

* U.S. gold futures for April delivery added 0.5% to $5,147.10.

* ⁠The U.S. dollar strengthened, making dollar-denominated assets such as bullion more expensive for other currency holders.

* Four days into the war, U.S. President Donald Trump told reporters that the U.S. military had struck numerous Iranian naval and ​air targets, ‌saying that "just about ⁠everything has been knocked ⁠out."

* Global oil and gas prices surged as the U.S.-Israeli war on Iran halted ​energy exports from the Middle East, with ‌Tehran attacking ships and energy facilities, closing navigation ⁠in the Gulf and forcing production stoppages from Qatar to Iraq.

* Global stock markets slid as the disruption of Middle East energy supplies exacerbated investor concerns about inflation.

* Spot gold has risen 19% year-to-date, driven by global turmoil, after surging 64% in 2025. Meanwhile, silver rose more than 16% so far this year.

* Spot silver advanced 1.4% to $83.27 per ounce on Wednesday, after falling more than 8% in the last ‌session.

* "ETP outflows are keeping silver vulnerable to volatility in the ⁠near-term and are key to track, but ​an undersupplied market suggests a recovery in the coming months," Standard Chartered said in a note.

* Spot platinum added 1% to $2,104.25 per ounce, while palladium gained 0.4% ​to $1,653.

(Reporting ​by Noel John in Bengaluru; Editing by Sumana Nandy)