New York, February 27, 2026, 12:38 (ET) — Regular session
- Spot gold climbed roughly 1%, putting it on track for a seventh consecutive monthly advance
- Demand picked up, supported by lower U.S. Treasury yields and renewed tensions in the Middle East.
- Next week, traders have their eyes on the U.S. jobs report and the March Fed dates.
Gold climbed near its highest level in a month on Friday, helped along by ongoing U.S.-Iran tensions and a drop in U.S. yields that reignited late-February interest in bullion. By 11:31 a.m. ET, spot prices had gained 1% to reach $5,238.75 an ounce. April U.S. gold futures were up 1.1%, hitting $5,254.
This shift is notable, closing out a month where shifting rate outlooks and geopolitical noise have sent safe-haven assets on a rollercoaster. April gold futures on CME’s Globex platform changed hands at $5,250.5, up 1.08%, a sign investors kept piling in through the U.S. hours.
Yields have slipped, taking some pressure off. U.S. 10-year Treasury notes dropped 3.8 basis points to 3.977%, trimming the “opportunity cost” for gold holders. Gold doesn’t pay interest, and when yields head higher, the metal’s case weakens. Investing
On the geopolitical front, the U.S. Embassy in Jerusalem announced that Washington will allow non-emergency staff and their families to depart Israel, pointing to safety concerns. The move comes as tensions over a potential broader conflict with Iran escalate.
Phillip Streible, chief market strategist at Blue Line Futures, picked up on a “lot of nervousness surrounding geopolitics” that’s pushing investors into a “risk-off” stance, pulling away from riskier plays. His take: upside target sits at $5,450, support holding near $5,120.
Inflation’s not letting up. January’s U.S. Producer Price Index advanced 0.5%, topping the 0.3% forecast from economists. Goods prices, when you strip out food and energy, shot up 0.7%—that’s the largest jump since May 2022, according to the Labor Department. Ben Ayers, senior economist at Nationwide, put it this way: “Given still-buoyant core inflation … we expect the Fed to remain on pause.” Reuters
Rate-cut bets haven’t vanished, though nerves are showing. According to CME FedWatch, traders pegged the odds of a 25-basis-point trim—just a quarter point—by June at roughly 42%.
China still sits in focus on the demand side. Net gold imports through Hong Kong shot up 68.7% in January versus December, according to the Hong Kong Census and Statistics Department.
Beijing stepped in to curb yuan strength, dropping a 20% risk reserve requirement on forex forwards starting March 2, the central bank announced. The move is designed to spur demand for dollars. Gold, typically sensitive to currency swings since it’s priced in dollars, can see that dynamic shift rapidly if geopolitics grabs the spotlight.
Spot silver ripped 6% higher to $93.67 an ounce. Platinum added 3.5%, landing at $2,352.05. Palladium barely budged, holding at $1,785.47.
This trade can flip on a headline. Any solid progress in the nuclear talks, or a jump in yields if inflation data shocks, might pull safe-haven bids and spark quick profit-taking after a big month.
Now, attention shifts to the labor market. The U.S. February jobs report lands March 6, offering a crucial gauge of wage growth and hiring trends—data that could keep the Fed on guard.
Next up: traders turn their attention to the PCE inflation numbers due March 13, then the Fed’s March 17-18 meeting, scanning for any tweak in rate language or projections—potential triggers that could jolt yields and swing gold prices.
