Gold tops $4,600 per ounce, gains 2% on safe-haven demand

ISTANBUL

Spot gold rose more than 2% to exceed $4,600 per ounce on Tuesday, as investors turned to safe-haven assets amid uncertainty surrounding the US Federal Reserve and elevated geopolitical risks.

The precious metal traded at around $4,614.90 per ounce as of 1405GMT, supported by strong haven buying and expectations that interest rates could eventually move lower. US gold futures also advanced, settling about 2.5% higher at $4,614.70.

Gold prices have fallen around 12% since the conflict began on Feb. 28 and were trading well below their January 2026 record high of $5,595 per ounce.

Last week, the price of gold saw its biggest weekly drop since 1983, losing more than 10%.

The price of silver per ounce also saw an increase, up over 5.3% to $73.75 per ounce.