Gold (XAU/USD) Bid as Iran War Inflates Global Energy Costs
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Gold continues to draw defensive capital as the six-month conflict involving the US, Israel, and Iran reshapes energy markets, with the global oil and gas import bill swelling by an estimated $330 billion since March, according to CREA data.
Even though oil and gas price spikes have been smaller than initially feared, the scale of the fiscal drain on importing nations keeps geopolitical risk elevated. That uncertainty is a classic tailwind for XAU/USD, as institutional and retail traders alike rotate into bullion to hedge against an unresolved conflict.
With no ceasefire in sight and the import bill described as capable of swelling further, gold's safe-haven bid looks structurally supported rather than a short-term reaction.