The pricing logic of the gold market is undergoing a structural shift.

The pricing logic of the gold market is undergoing a structural shift. The impact of the US-Iran conflict on gold prices is no longer a simple case of "safe-haven buying driving up prices"; instead, it operates through a complex transmission chain: oil prices → inflation → Federal Reserve policy.

Currently, gold prices are more sensitive to US interest rate expectations and oil price trends than to geopolitical events themselves. Against the backdrop of the ongoing US-Iran conflict and high oil prices, gold may remain under pressure in the short term; however, expectations that inflation has peaked and the tightening cycle is ending could provide support for a rebound in the medium term.