Gold prices rose as the ongoing conflict in the Middle East boosted demand for safe-haven assets, approaching the $5,200 per ounce mark. New York gold futures rose 0.8% to $5,175.20 per ounce. An analyst from ING stated, "The inflationary impact of the Middle East conflict, through a significant increase in energy prices, could reinforce market expectations that interest rates will remain high for a longer period, which is a negative factor for non-interest-bearing assets such as gold. However, high levels of geopolitical uncertainty continue to support risk premiums, and despite the challenging interest rate environment, this still helps to solidify the price floor." (Jinshi)