Amid the fallout from Iran’s missile attack against Israel on Tuesday, market observers are closely watching the unfolding conflict and its possible effects on gold prices.

What Happened: Iran fired 100 to 200 missiles at Israel on Tuesday. The attack came following several Israeli strikes on the Lebanon-based Hezbollah, an Iranian proxy.

Israel has been at war with Hamas, also supported by Iran, since Oct. 7, 2023, following a Hamas terrorist attack that left over 1,000 Israelis dead. Israel’s subsequent military campaign against Hamas in Gaza resulted in a reported death toll of over 40,000, according to the Gaza Health Ministry.

Iran’s most significant geopolitical rival, Saudi Arabia, has normalized relations with Israel in recent years with American support. The Iranians and Saudis have already engaged in proxy warfare in Yemen, among other countries, for ...

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