Gold up 1% to $4,100 as US-Iran strikes drive demand

Gold prices rebounded sharply on Thursday, July 9, 2026, climbing more than 1% to reclaim the key $4,100 per ounce level after three consecutive days of losses. The rally was driven by a combination of bargain hunting and renewed safe-haven demand following a fresh escalation of military strikes between the United States and Iran.

Spot gold rose to approximately $4,120 an ounce, while U.S. gold futures gained a similar amount. The recovery followed a selloff that had pushed prices to a one-week low on Wednesday. Market analysts noted that the drop had attracted buyers looking for value.

The price movement occurred against a backdrop of renewed geopolitical tension. U.S. forces launched new strikes against Iranian targets, and Iran's military responded with attacks on what it described as U.S. military infrastructure in neighboring Gulf states, including Kuwait and Bahrain. These exchanges have strained a ceasefire agreement that had been in place for about three weeks, with hostilities having initially escalated in late February.

This conflict has reverberated through energy markets, sending oil prices higher. Analysts noted that rising energy costs could fuel inflationary...