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Gold rebounded to $4,523 (+1.71%) as US strikes on Iran reignited the safe-haven bid after two sessions of ceasefire-driven selling. Silver led the precious metals complex higher with a +1.90% move.

The Iran story is a two-sided coin flip and gold remains the cleanest hedge for both inflation tail-risk (if oil spikes) and stagflation (if growth slows). Fed cut bets keep real yields contained.

Friday PCE inflation print is the binary catalyst — hot reading hits gold via real yields, cool print extends the rally. Support $4,450; resistance $4,580 then prior high $4,650.

Microsoft surged 3.47% to $426.99, the day's mega-cap leader on a multibillion-dollar Pentagon software deal report from Dell. Azure/AI demand stack stays in play.

MSFT is monetizing every AI angle — government, enterprise, OpenAI partnership. The Pentagon deal validates Azure's defense vertical, the highest-margin durable revenue stream available to a hyperscaler.

Whether the deal headline gets confirmed/expanded. $430 is the breakout level; clean print opens $440. Support $420. AI capex commentary from peers will matter into next earnings.