Against the backdrop of a decline in the stock market and continued tension between the US and Iran, the demand for safe-haven assets has pushed up the price of gold.

On Friday, spot gold rebounded after experiencing significant selling in the previous trading day. Due to global stock market weakness and lingering US-Iran tensions, gold received some support despite the Chicago Mercantile Exchange raising margin requirements for precious metals to manage risk. OANDA's senior market analyst Kelvin Wong said: "We did see some safe-haven flows, but it is worth noting that the market remains cautious after last Friday's sell-off... Concerns about US-Iran tensions still exist." He added: "In the short term, the price of gold may be more volatile." Wall Street's global stock sell-off spread to Asia on Friday, with most regional benchmark indices closing lower. Additionally, the US dollar index hovered near a two-week high, putting pressure on precious metal prices for the week.