As the war on Iran entered its 18th day on Tuesday, the price of gold, usually considered the safe-haven asset in times of uncertainty, has remained unexpectedly steady. Since the United States and Israel first launched strikes on Iran on February 28, the conflict has escalated across the region, sparking concerns about the knock-on effect for the global economy. On March 2, Ebrahim Jabari, a senior adviser to the commander-in-chief of Iran’s Islamic Revolutionary Guard Corps (IRGC), announced that the Strait of Hormuz – through which 20 percent of the world’s oil and gas is transported – was “closed”; a move that sent oil prices soaring above $100 per barrel. On Tuesday, spot gold was almost flat at $5,001. 36 per ounce at 11:00 GMT. US gold futures for April delivery rose just 0.