Gold prices moved sharply higher in pre-market trading as escalating military conflict between the U.S. and Iran drove a flight to safety. The rising tensions in the Middle East, which have also pushed Brent crude oil above $100 a barrel, are increasing demand for gold as a classic safe-haven asset. This geopolitical risk is currently overshadowing concerns that rising oil prices could lead to inflation and prompt the Federal Reserve to raise interest rates, a move that would typically be a headwind for non-yielding gold. A weaker U.S. dollar provided additional support.