Gold prices rose slightly in early Asian trade on Wednesday as markets navigated mixed signals on the U.S.-Israel war with Iran, with focus squarely on disruptions in energy markets and a potential end to the conflict.

Upcoming U.S. consumer inflation data for February will also be watched for more cues on the world’s largest economy, although the print is unlikely to reflect heightened energy prices stemming from the Iran war. 

Spot gold rose 0.3% to $5,210.51 an ounce by 20:32 ET (00:32 GMT), while gold futures fell 0.5% to $5,216.55/oz.

Wednesday’s gains saw gold break above a $5,000 to $5,200/oz trading range seen over the past week, although it remained to be seen whether this could be sustained. 

The yellow metal has logged wild swings after tumbling from a near $5,600/oz record high in late-January. 

Mixed signals on the Iran war also made for whipsaw trade this week. U.S. President Donald Trump said late-Monday that the war was close to ending. But strikes between the U.S., Israel, and Iran showed few signs of easing by the early hours of Wednesday– marking a twelfth consecutive day for the conflict. 

Markets fear that heightened energy-driven inflation could elicit a more hawkish stance from global central– a scenario that bodes poorly for gold. This notion limited overall gains in gold, even as bullion benefited from rapidly increasing safe haven demand.

Other precious metals advanced on Wednesday. Spot silver rose 0.5% to $88.7345/oz, while spot platinum rose 0.7% to $2,217.76/oz.