London, Feb 28, 2026, 10:51 GMT — The market has closed.
- Gold trading paused for the weekend, as U.S.-Israeli attacks on Iran escalated tensions in the Middle East.
- Bullion closed out Friday on a stronger note, with safe-haven bids and easing U.S. yields giving prices a lift.
- Gold futures face their next hurdle with the Sunday reopen, followed by a packed week of major U.S. data releases.
Gold markets are set for a choppy open after strikes by the United States and Israel hit Iran on Saturday—a major flare-up that’s reignited worries over broader conflict. Iran answered with missile launches targeting Israel, and heightened tensions left Gulf states uneasy as fighting spilled over, according to Reuters.
The market’s shut, but positions remain on. Gold was already attracting buyers, with investors hunting for that “safe-haven” shield against geopolitical jolts. Weekend headlines could stack on more demand.
Look for the first solid price move when COMEX gold futures kick back in Sunday evening U.S. time, a few hours before Asia gets going Monday. Gold futures on CME Group’s Globex platform trade from Sunday through Friday, pausing briefly each day for maintenance.
Spot gold moved up 0.8% to $5,230.56 an ounce as of 1:38 p.m. ET on Friday, while U.S. gold futures for April finished the session 1% higher at $5,247.90. Phillip Streible, chief market strategist at Blue Line Futures, put gold’s next target at $5,450, with support around $5,120, pointing to U.S. 10-year yields dipping to a three-month low and traders assigning about a 42% probability for a Fed rate cut in June. Reuters pointed to Chinese customs figures: net gold imports via Hong Kong jumped 68.7% in January.
Just the day before, Peter Grant, vice president and senior metals strategist over at Zaner Metals, said he’s still looking for gold to make a run at $5,340.72, with $5,400 in sight—even if the metal stumbles in the short term. Razan Hilal, market analyst at FOREX.com, flagged “drawdown risks” after gold failed, again, to stick above $5,200. That risk could grow fast, she added, if any diplomatic breakthrough strips away the war premium. Reuters
Gold’s got a straightforward issue: zero interest. So when bond yields drop, holding bullion doesn’t hurt as much, and the metal usually draws buyers—even with a steady dollar.
But betting on a weekend surge isn’t risk-free. Should the conflict remain limited or traders catch a glimpse of de-escalation ahead, much of that emergency buying could snap back in a hurry. Any bounce in yields or a firmer dollar would only ramp up the pressure.
Setting aside Iran for the moment, traders are bracing for a packed U.S. agenda that may jolt rate bets once more. Monday, March 2, brings the ISM manufacturing survey, with the Fed’s next policy decision following on March 17-18.
Friday brings February’s U.S. jobs data, set for release March 6 at 8:30 a.m. ET—a key moment that could shake up expectations around the Fed’s timeline for rate cuts.
