Mumbai, Feb. 4 -- Gold prices rebounded above $5,100 per ounce in electronic trade on Wednesday, supported by bargain buying and renewed safe-haven demand as escalating US-Iran tensions restored a geopolitical risk premium to bullion markets. The metal surged nearly 6% in the previous session, marking its strongest daily gain since 2008, after retreating from last week's record high. While expectations for aggressive Federal Reserve rate cuts have moderated following President Trump's nomination of Kevin Warsh as Fed chair, markets continue to price in two cuts later this year and into 2026. In India, MCX April gold futures rose nearly 4% to Rs 1,59,320 per 10 grams, while silver futures climbed close to 6% to Rs 2,83,200 per kg.
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