Movement in local prices mirrored developments in global bullion markets where investors increased exposure to precious metals while geopolitical risk continued to rise.

Internationally, bullion pushed higher after the US dollar weakened and the conflict involving the United States, Israel and Iran entered its sixth day without signs of easing.

Gold rose as much as 0.9% to move above $5,180 an ounce, following a 1% advance in the previous session. Investors turned to the metal amid growing concerns over the widening military confrontation and potential disruptions to global energy supplies.

US and Israeli forces continued strikes on Iranian targets, while Tehran launched missile attacks across several countries in the region and targeted key energy infrastructure. Shipping concerns intensified after the Strait of Hormuz, a critical oil transit route, was effectively blocked during the escalation.

Washington signalled confidence in its military operations, with President Donald Trump expressing support for the campaign while American forces reportedly sank an Iranian warship in international waters. Tehran rejected reports that its intelligence ministry had approached Washington for negotiations, calling them “pure falsehood”.