Gold price rebounds above $5,100 as attacks on Iran restore haven demand
Gold (XAU/USD) climbed on Wednesday, March 4, 2026, recovering part of Tuesday’s sharp selloff. The renewed conflict risk in the Middle East pulled defensive buying back into the market, with spot bullion trading near $5,180 while the broader macro backdrop remained unsettled.
Highlights
- Spot gold traded near $5,180 after rebounding from Tuesday’s slide below $5,000.
- U.S. gold futures hovered near $5,210, showing a partial recovery rather than a full return to this week’s highs.
- The dollar went down modestly, but Treasury yields near 4.07% kept rate pressure in the background.
Gold looks steadier again after Tuesday’s sharp drop. The selloff pushed the metal below $5,000 for a short time, but buyers came back and lifted it back into the $5,100 region, which puts gold above the first key level traders were watching.
Right now, $5,100 is the nearest support. If buyers keep defending that area on dips, the rebound could continue toward $5,200. If gold breaks clearly above $5,200, the next area in view is the recent $5,380 to $5,400 zone. But if the bounce weakens and price falls back below $5,100, the market could slide toward $5,000 again.
Gold price dynamics (January - February 2026). Source: TradingView.
The haven bid returns, but macro friction stays in place
Gold found buyers again on Wednesday as the market moved back into defensive mode after new conflict developments in the Middle East. That brought some of the haven demand back after Tuesday’s drop took a lot of the heat out of the rally. But the bounce still faced resistance from the macro side. Treasury yields held just above 4%, which matters because higher yields reduce some of gold’s appeal when traders are already dealing with a fast move.A more weak U.S. dollar gave gold some room to bounce, but the bigger picture is still fragile. Investors are testing demand for safety against the risk behind higher oil prices and inflation could keep interest rates elevated for longer.
What could come next from here
Gold’s next move likely depends on which side wins first: safety demand or rate pressure. If investors keep reaching for protection, holding above $5,100 could be enough to set up another test of $5,200. If rates and the dollar reassert themselves, the rebound may stall quickly. In that case, gold could spend more time chopping sideways, drifting between $5,000 on the downside and $5,200 on the upside.The Gold market still looks like a tug-of-war. Conflict headlines keep putting a floor under gold, while elevated yields make it harder for rallies to extend without new fuel.
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