Gold Prices Slip Amid Ongoing US Airstrikes

Gold prices slipped further as the United States continued its airstrikes on Iranian military sites.

The Geopolitical Shock to Gold

The fourth consecutive day of US air attacks on Iranian installations has heightened concerns over safe maritime routes, prompting investors to seek the traditional safe‑haven of gold. Yet the persistence of the strikes has amplified uncertainty, pushing prices lower.

Price Movement in Historical Context

■0.2% decline opening at $4,059.80, sliding to $4,035.40 by 7:41 a.m. ET.

■Down 1.4% over the past week, 4.9% over the past month, but up 21.5% year‑to‑date.

■On Jan 29, 2026, gold’s one‑year gain stood at 95.6%.

How Investors Are Positioning

■Gold ETFs and mining equities provide liquidity, while futures remain a high‑leverage, high‑risk instrument.

■Physical gold demand is rising through retailers such as Costco, though storage and security costs erode returns.

Outlook and Risk Drivers

■The Federal Reserve’s rate outlook, inflation data, and Middle‑East tensions will be the primary catalysts for gold’s direction.

■Oil prices have surged 9% in the last five days, offering indirect support to gold via higher energy costs.

Market participants are likely to lean on gold as a hedge if US‑Iran air operations continue and regional stability remains fragile. Nonetheless, heightened volatility and potential rate hikes could spark short‑term price swings. – Gökberk Uçar, Aviation Logistics and Cargo Specialist