Gold price surge after Iran attack could fade, Pepperstone says

try{ var _=i o; . if(!_||_&&typeof _==="object"&&_.expiry Oil prices surge after U.S.-Israel strikes on Iran; crude around $80/bbl likely Futures drop, oil spikes amid widening Mideast conflict - what’s moving markets Gold prices jump 2% amid widening US-Israel conflict with Iran Asia stocks slide as US-Iran strikes batter risk appetite (South Africa Philippines Nigeria) Gold price surge after Iran attack could fade, Pepperstone says By Scott Kanowsky Author Scott Kanowsky Commodities Published 03/02/2026, 04:37 AM Gold price surge after Iran attack could fade, Pepperstone says 1 Gold Spot US Dollar 2.16% GC 3.02% MGCc1 3.13% Investing.com - A spike in gold prices following U.S. and Israeli attacks on Iran may wane as markets attempt to gauge the financial market fallout from the widening conflict, according to analysts at Pepperstone. Track precious metal prices with InvestingPro Gold prices jumped as investors rushed into safe-haven assets in the midst of the attacks which led to the death of Iran's Supreme Leader Ayatollah Ali Khamenei. The killing of Iran’s most powerful figure raised fears of a broader regional conflict and potential disruption to oil shipments through the Strait of Hormuz, a critical global energy artery. Spot gold rose 2.2% to $5,395.25 an ounce by 03:44 ET, hovering around the key $5,400 level. Meanwhile, U.S. Gold Futures climbed 3.1% to $5,411.56 an ounce. In a note, the Pepperstone strategists including Michael Brown suggested that it would not be surprising "to see some degree of any initial spike higher fade as trade progresses." "Markets are notoriously terrible at accurately pricing geopolitical risk, with participants tending to flip to an extreme view, before more rational heads slowly but surely prevail," Brown said. However, the developments in Iran have reinforced the "fundamental bull case" for gold, Brown added, arguing that the yellow metal will "remain the beneficiary of haven inflows in an increasingly uncertain world, with ...