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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.

USD/JPY slipped to 159.24 (-0.20%) as the dollar lost some Iran-premium overnight, but the pair stayed pinned near intervention-watch territory. Yen failed to capitalize on lower US yields.

The carry is still doing the work — even with US10Y at 4.46% (-0.58%), the differential vs JGBs keeps shorts on the back foot. Only MoF intervention or a Fed-pivot signal breaks this.

BoJ summary of opinions Friday; any hawkish hint accelerates yen recovery. 160.00 is the line that triggers verbal intervention rhetoric. Downside support 158.50 then 157.80.