Investors have begun shifting their portfolios toward safe-haven assets such as gold amid escalating tensions in the Middle East. As is known, the United States and Iran have continued exchanging attacks since Saturday.

Tim Waterer, Chief Market Analyst at KCM Trade, stated that gold is likely to become the preferred commodity for investors during the conflict. Speaking to Reuters on Monday (2/3/2026), he said gold would likely attract stronger demand when markets open. Uncertainty over how long the conflict may last, the possibility of additional countries becoming involved, and concerns about inflation are expected to reinforce gold’s role as the safe-haven asset of choice.

Waterer also anticipates that stock markets and other risk assets could face significant selling pressure at the start of the week. According to him, investors will look for the safest destination for their funds, with gold likely ranking at the top of that list.

Meanwhile, Marex analyst Edward Meir predicted that gold prices would surge as a natural market response to the outbreak of war. He projected that gold could rise by around US$200 per troy ounce at the opening of early-week trading, although he expects prices may ease later in the day.

He added that the key issue for investors remains whether oil flows will be disrupted, as this will determine the extent to which capital moves into safe-haven assets.

Fawad Razaqzada, Market Analyst at City Index and Forex.com, even forecast that gold could reach a record high of US$5,600 per troy ounce, or approximately Rp3 million per gram, amid the Middle East conflict. He explained that increased demand for gold as a safe-haven asset could push prices back toward US$5,500 and potentially surpass the January peak of around US$5,600.

However, further gains beyond that level could be limited if the US dollar rebounds or if crude oil prices remain significantly elevated.