New York, Feb 26, 2026, 13:03 EST — Regular session
Gold barely budged Thursday afternoon. Spot gold edged up 0.1% to $5,168.80 an ounce at 1:03 p.m. EST, after moving in a narrow band from $5,130.30 to $5,206.40. Traders seemed to hold back, watching for any updates out of the U.S.-Iran nuclear discussions in Geneva.
This week, gold’s price action has been jerked around by trade policy moves and geopolitics—not solely inflation data. The metal doesn’t offer interest, which means rising yields can undercut appetite even in jittery markets.
Tariff headlines have complicated the rate narrative, pushing investors to juggle inflation concerns alongside shaky growth. Caution lingers, keeping positioning close to the upper edge of current ranges.
April gold futures slipped 0.7% on COMEX to $5,190.8. The dollar index edged up roughly 0.2%.
Later Thursday, a third round of indirect U.S.-Iran talks is set to take place, with traders watching for any signs of easing tensions. “Gold and silver are attempting to break above resistance levels at $5,200 and $90 but have failed to sustain gains,” wrote Razan Hilal, market analyst at FOREX.com. Resistance tends to attract sellers. Peter Grant at Zaner Metals calls the current environment “uncertain,” noting markets are still factoring in two Federal Reserve rate cuts this year. Spot silver dropped 2.4% to $87.25 an ounce. Platinum lost 1.5% to $2,252.28, while palladium slipped 2.1% to $1,757.75. Reuters
U.S. initial jobless claims ticked up by 4,000 to 212,000 for the week ended Feb. 21, with the report characterizing the labor market as “low-hire, low-fire” and steady. Last Friday, the Supreme Court overturned previous emergency tariffs. Since then, Washington has imposed a 10% global tariff, which was later bumped to 15%. Reuters
Gold pushed higher Wednesday, spot prices rising 1.1% to $5,202.28 by mid-afternoon in New York. April futures landed near $5,226.20. Investors were drawn by concerns over tariffs and tensions in the Middle East. “There’s an inflationary impact from tariffs and high oil prices,” said Bart Melek, global head of commodity strategy at TD Securities. Reuters
JPMorgan has bumped up its long-term gold forecast to $4,500 an ounce but left its target for the end of 2026 at $6,300, citing strong buying from both central banks and investors. Spot gold is up roughly 20% so far this year, notching an all-time high of $5,594.82 on Jan. 29, following a jump of more than 64% in 2025, according to the bank.
Still, things shift quickly. A framework agreement from Geneva might strip away some of that geopolitical premium. On the other hand, if inflation comes in hotter, yields and the dollar could jump, sending bullion down.
Eyes shift to Friday, when January’s producer price index lands at 8:30 a.m. ET. Rates desks want any clue that pipeline inflation might be easing — or moving the other way.
