Israel's air strikes on Iran have heightened tensions in the Middle East, leading to a significant increase in international gold prices. As of June 13, 2025, the spot gold price briefly surpassed $3,444 per ounce, with a weekly increase of over 3.5%, nearing the historical high of April ($3,500). The main reason for the market's flight to safety is:

1. Geopolitical risk drive: The conflict may escalate into regional war, even triggering extreme risks of Iran blocking the Strait of Hormuz, prompting investors to turn to gold for safety.

2. Central bank gold purchases support: Global central banks continue to increase their gold reserves (for example, China has increased its reserves for seven consecutive months), combined with the trend of 'de-dollarization', which strengthens the long-term demand for gold.

3. Inflation and policy expectations: The US May CPI data is moderate, and the market bets on the Federal Reserve cutting interest rates, further boosting gold prices.

The short-term trend of gold prices depends on whether the conflict escalates; if the situation worsens, it may break historical highs.