As the war on Iran entered its 18th day on Tuesday, the price of gold, usually considered the safe-haven asset in times of uncertainty, has remained unexpectedly steady.Since the United States and Israel first launched strikes on Iran on February 28, the conflict has escalated across the region, sparking concerns about the knock-on effect for the global economy.Recommended Stories list of 3 itemsend of listOn March 2, Ebrahim Jabari, a senior adviser to the commander-in-chief of Iran’s Islamic Revolutionary Guard Corps (IRGC), announced that the Strait of Hormuz – through which 20 percent of the world’s oil and gas is transported – was “closed”; a move that sent oil prices soaring above $100 per barrel.Stock prices have also fallen over the past two weeks amid uncertainty over the war on Iran, but gold prices have remained steady.What are gold prices doing?Gold has remained broadly steady at around $5,000 an ounce in recent days.On Tuesday, spot gold was almost flat at $5,001.36 per ounce at 11:00 GMT. Spot gold is the price at which physical gold is bought and sold for immediate delivery.US gold futures for April delivery rose just 0.1 percent to $5,005.20.Is this unexpected?Yes. This lack of movement is surprising, given that gold prices typically shoot up during economic crises as investors look for safe havens to shelter their cash.This is especially true during periods of global conflict.For example, when Russia launched its full-scale invasion of Ukraine, gold prices skyrocketed, Remi Bourgeot, economist at the French Institute for International and Strategic Affairs in Paris and author of analysis platform Epistelem, told Al Jazeera. Advertisement The subsequent sanctions imposed on Russia by Western nations created “a wave …
