Gold prices rebounded above $4700 per ounce on Tuesday, driven by renewed safe-haven demand as tensions between the U.S. and Iran intensified sharply. Donald Trump ramped up pressure on Tehran with fresh ultimatums tied to reopening the strategically vital Strait of Hormuz, raising fears of a deeper and prolonged conflict. Iran's continued resistance and ongoing attacks on regional energy infrastructure have kept geopolitical risks elevated. The surge in oil prices has added another layer of complexity, fuelling inflation concerns and strengthening expectations that the Federal Reserve may keep interest rates higher for longer, weighing on non-yielding assets like gold. At the same time, a stronger U.S. dollar has capped gains by making gold more expensive for global buyers. Despite these headwinds, safe-haven flows dominated market sentiment. On the domestic front, MCX June gold futures edged up 0.5% to ₹1,50,794 per 10 grams, reflecting sustained investor interest amid global uncertainty. With geopolitical tensions intensifying and monetary policy expectations shifting, gold is likely to remain volatile, balancing between safe-haven demand and macroeconomic pressures.