Gold prices rose over 1% on Wednesday, rebounding from a more ‌than one-week low hit in the previous session, as escalating US-Israeli air strikes against Iran and heightened geopolitical uncertainty supported safe-haven demand.

Spot gold gained 1.6% to $5,168.69 per ounce as of 0249 US ​gold futures for April delivery added 1.1% to $5,178.40.

On Tuesday, bullion fell more than ​4% to its lowest since February 20, weighed by a firmer dollar and ⁠dimming rate-cut prospects as inflation concerns were intensified by fears of a potentially prolonged Middle ​East conflict.

“I think for gold to shrug this off over the course of several days wouldn’t be surprising because it has tended into its own narrative and has been resilient despite whatever the dollar is doing, despite what yields have been doing since the ​beginning of last year,” said Ilya Spivak, head of global macro at Tastylive.

Global oil ​and gas prices surged as the US-Israeli war on Iran halted energy exports from the Middle East, ‌with ⁠Tehran attacking ships and energy facilities, closing navigation in the Gulf and forcing production stoppages from Qatar to Iraq.

Global stock markets slid as the disruption of Middle East energy supplies exacerbated investor concerns about inflation.

“Higher oil prices as a result of escalating ​geopolitical tensions in Iran ​added to inflationary ⁠concerns and complicated the outlook for monetary easing,” said Christopher Wong, a strategist at OCBC.

Investors expect the US Federal Reserve to ​hold rates at the end of its next two-day meeting ​on March ⁠18, according to the CME Group’s FedWatch tool.

“The underlying fundamentals (for gold) have not materially shifted. Structural drivers such as geopolitical uncertainty, policy unpredictability and portfolio diversification needs remain intact,” ⁠Wong added.

Spot ​silver advanced 3.5% to $84.92 per ounce on Wednesday, ​after falling more than 8% in the last session.

Spot platinum added 2.7% to $2,139.56 per ounce, while palladium gained ​1.6% to $1,673.87.