NEW YORK, Feb 25, 2026, 13:20 EST — Regular session
- Gold caught a bid on safe-haven flows, with investors weighing U.S. tariff questions and ongoing Middle East tensions.
- Fresh remarks from Federal Reserve officials left traders reassessing the path of interest rates.
- Attention shifts to Thursday, when U.S. and Iranian officials are set for nuclear discussions in Geneva.
Gold advanced Wednesday as investors sought cover amid concerns that fresh U.S. tariffs might stoke inflation again, and with Washington-Tehran tensions rattling sentiment. Spot gold tracked 1.1% higher at $5,205.14 an ounce as of 11:24 a.m. ET, while U.S. gold futures picked up 0.9% to $5,224.60. Silver took off, up 3.8% at $90.67. Platinum surged 6.5% to $2,308.60, and palladium pushed 2.7% higher to $1,816.26. Reuters
Tariffs are carrying the narrative at the moment. Slap a fresh import duty on, and inflation worries follow—pushing gold back into focus as a hedge, despite its already hefty price tag.
Rates also matter here. With gold offering zero yield, it tends to lose favor when cash or bonds look more attractive. Boston Fed President Susan Collins weighed in, calling it “quite likely” the Fed keeps rates steady “for some time,” a reminder for bullion players who can’t tune out the central bank—even when the headlines are geopolitical. Reuters
Gold started the session in Asia on a strong note, with the market still caught between policy surprises and key chart markers. “The return of the Chinese market, along with increased policy uncertainty in the United States are maintaining the appeal of gold,” said Kyle Rodda, senior market analyst at Capital.com. Reuters technical analyst Wang Tao singled out support at $5,140 and resistance at $5,244—levels where buyers typically step in and sellers push back, respectively. The Business Times
Banks aren’t shying away from the trade. JP Morgan bumped its long-term gold price target up to $4,500 an ounce, sticking with its $6,300 call for the end of 2026. The firm cited strong appetite from central banks and investors, as well as renewed inflows into bullion-backed ETFs—those equity-like funds that store physical metal. Reuters
Gold prices didn’t keep their footing on Tuesday. Spot gold dropped 1.4% to $5,158.24 by 1:40 p.m. ET, while April futures wrapped up 0.9% lower at $5,176.30. The dollar picked up strength, and some traders locked in profits. “I suspect this is just a corrective pullback,” said Jim Wyckoff, senior analyst at Kitco Metals. Reuters
After a sharp jump Monday on U.S. tariff news and fresh safe-haven flows, gold swung again. “Gold prices could rise sharply this week once activity picks up,” said CPM Group’s Jeffrey Christian. Reuters
But there’s exposure on either side. Should tariff anxieties recede, or if diplomatic efforts cool tensions in the Middle East and calm oil markets, demand for safety could evaporate quickly. Plus, bullion faces a ceiling if the Fed remains patient and real yields keep ticking higher.
Thursday’s U.S.-Iran nuclear discussions in Geneva loom as the next significant event for traders, with eyes also peeled for any updates on U.S. tariff rates and the possibility of Washington offering firmer timeline signals. Reuters
