<ul>
<li>Oil prices jump over 6%</li>
<li>Two oil tankers in Iraqi waters set ablaze in latest attacks</li>
<li>Dollar near highest since 2026 start,10-yr yields at 5-week high</li>
</ul>
(Updates for EMEA session trade)
By Ishaan Arora
March 12 (Reuters) - Gold prices were little changed on Thursday, as margin calls on sliding equities, a stronger dollar and dampened rate-cut bets offset safe-haven demand for bullion amid the escalating U.S.-Israeli war on Iran.
Spot gold (XAU=) was flat at $5,174.13 per ounce as of 0923 GMT. U.S. gold futures (GCcv1) for April delivery also held steady at $5,180.20.
Global shares fell on Thursday as fresh attacks in the Gulf drove oil up over $100 a barrel and shattered any prospects of an imminent de-escalation in the Middle East conflict. (MKTS/GLOB) (O/R)
Iran said the world should brace for $200-a-barrel before two fuel tankers in Iraqi waters were set ablaze in attacks.
“These events are naturally the sort of things that would drive gold prices significantly higher (on safe-haven demand), I think gold is maybe being capped a little bit at the moment just because of liquidations generated by margin calls on equity futures,” said Nitesh Shah, commodity strategist at WisdomTree.
He added the dollar and yields were also headwinds for bullion at the moment. The dollar extended gains to hold near its strongest levels this year while benchmark 10-year U.S. Treasury yields were up at a five-week high. (USD/) (US/)
U.S. consumer price index rose 0.3% in February, matching forecasts and accelerating from January’s 0.2% increase.
Investors now await January’s delayed Personal Consumption Expenditures index due Friday for more cues into the U.S. Federal Reserve’s monetary policy path.
“Concerns are mounting over the Fed’s approach to rate cuts, with higher oil prices raising the possibility of renewed inflation pressures. However, we see these pressures as temporary and do not expect the Fed to reverse its monetary policy stance,” ANZ analysts wrote in a note.
ANZ expects gold to remain supported whether the Middle East conflict escalates or resolves early given it is only reinforcing a narrative that global relations are deteriorating and prompting central banks and institutions to diversify into gold.
Elsewhere, spot silver (XAG=) rose 1.3% to $86.86 per ounce. Spot platinum (XPT=) gained 0.6% to $2,182.96, while palladium (XPD=) rose 1.5% to $1,661.90.

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PRECIOUS-Gold treads water as margin calls, strong dollar offset safety demand