New York, February 25, 2026, 17:23 (EST) — After-hours
- Spot gold gained 1.1%, reaching $5,202.28 an ounce. U.S. gold futures wrapped up the session roughly 1% higher at $5,226.20.
- Tariffs and Middle East tensions sent investors to bullion, seeking both an inflation shield and a risk hedge.
- Attention now turns to Thursday’s Geneva talks, with the U.S. jobs report due March 6 also in focus.
Gold pushed higher Wednesday, with spot prices up 1.1% to $5,202.28 an ounce as of 2:00 p.m. ET. U.S. gold futures for April delivery closed around 1% above the previous session at $5,226.20, as shifting U.S. tariff moves and fresh Iran tensions had investors moving into havens. “There’s an inflationary impact from tariffs and high oil prices,” said Bart Melek, global head of commodity strategy at TD Securities. Reuters
Bullion’s still hovering near all-time highs after a scorching rally. On Wednesday, J.P. Morgan bumped its long-term gold target up to $4,500 an ounce, holding steady on its $6,300 forecast for end-2026, citing sustained demand from central banks and investors, plus inflows into gold-backed ETFs. According to the bank, spot gold has climbed roughly 20% this year—on top of a 64%-plus jump in 2025—and notched a three-week peak at $5,248.89 just this Tuesday. Reuters
Tariffs are front and center. U.S. Trade Representative Jamieson Greer confirmed the 10% tariff is just the starting point—some countries will see that pop up to 15% or more. The White House is drawing up a proclamation to bump up those temporary levies “where appropriate.” “Right now, we have the 10% tariff. It’ll go up to 15(%) for some,” Greer told reporters. Reuters
Geopolitical tensions continue to drive the action. Iran sounded upbeat about prospects for a third round of discussions with the U.S., noting a “good outlook” as its negotiators traveled to Geneva. U.S. envoy Steve Witkoff and Jared Kushner are expected to sit down with the Iranian team on Thursday, according to Reuters. Reuters
The rally came after a shaky beginning to the week. On Tuesday, gold slipped off a three-week high—profit-takers moved in, and a stronger dollar weighed on prices. Traders kept to the sidelines as they waited for more details on tariff policy and the results of Washington-Tehran negotiations. Reuters
Rates are still the other key variable, even as safe-haven flows drive most of the action. Boston Fed President Susan Collins said it’s “quite likely” the Fed will leave its policy rate unchanged “for some time.” The target: 3.5% to 3.75% since the late-January meeting. Gold, which pays no interest, tends to lose some appeal as rates climb. Reuters
Gold’s holding its ground as a haven and an inflation shield, especially with tariff chatter pulling double duty. More policy zigzags? That just brings in more buyers.
The risks aren’t hard to spot. If tariff proposals get diluted, or diplomats in Geneva dial back the rhetoric, or if U.S. yields push up again, that could spark a faster retreat after this month’s climb. With prices hovering near records, profit-taking could hit fast.
The February U.S. jobs numbers land March 6, right at 8:30 a.m. ET—a release known for shaking up rate bets if hiring or wage figures catch anyone off guard. bls.gov
