New York, Feb 27, 2026, 17:14 (EST) — Trading after the bell
- Gold hovered around its highest level in a month as the month wrapped up, with investors sticking to safe-haven bets.
- U.S. inflation indicators ran hot. Treasury yields eased, but the dollar held firm.
- Next week, traders will be watching U.S. jobs data, with inflation numbers due in mid-March also on the radar for cues.
Gold pushed up to its highest level in nearly a month on Friday, with spot prices climbing 0.8% to $5,230.56 an ounce. U.S. April futures settled even stronger, up 1% at $5,247.90. That’s a 7.6% rally for bullion so far in February, on track for a seventh consecutive monthly advance. Headlines from the U.S.-Iran negotiations, along with falling U.S. yields, have fueled what Blue Line Futures strategist Phillip Streible calls “a flight to safety” through “risk-off” flows. Spot silver surged 4.8%; platinum rose 3.4%, but palladium slipped 0.5%. 1
Right now, it’s rates carrying the load—not jewelry. With Treasury yields dropping, gold becomes more appealing; bullion doesn’t pay interest, but the income trade-off shrinks as bond payouts slide.
U.S. cash markets are closed, and with the weekend on deck, traders are already turning to next week’s lineup of macro triggers. Sitting at the top: the February U.S. jobs report, slated for March 6. That release holds the power to jolt rate expectations — and send gold swinging. 2
Friday’s numbers from the Labor Department landed hotter than the Fed might like: producer prices up 0.5% in January, and the “core” figure — which excludes food and energy — jumped 0.8%. Ben Ayers at Nationwide doesn’t see the Fed moving just yet, saying he expects the “Fed to remain on pause.” Paul Ashworth of Capital Economics described the surge as “tariff-related,” while JPMorgan’s Michael Hanson flagged “sticky above-target inflation.” 3
Currency moves muddied the outlook again. The dollar index inched up to 97.79, on track for its first monthly gain since October, Reuters noted. A stronger greenback tends to sap overseas gold demand, since pricier local currency costs can deter buyers. Adam Button, chief currency analyst at investingLive, pointed to “deep unease” over both inflation and growth. City Index’s Fiona Cincotta, meanwhile, said the dollar seemed “waiting for its next real catalyst.” 4
Physical demand cues from China remained under the microscope. According to Hong Kong figures, China’s net gold imports through the city climbed to 20.585 metric tons in January, up from 12.205 tons the month before. Total gold imports via Hong Kong also increased, Reuters said. 5
The rate calendar is looming. The Fed’s policy team gathers March 17-18, with another meeting on June 16-17—dates traders point to when discussing a possible mid-year shift. 6
The trade isn’t all in one direction. Should geopolitical risk ease over the weekend, or if yields and the dollar rebound, the stage is set for quick profit-taking after a strong month—particularly since gold remains highly reactive to rate expectation shifts.
Keep an eye on March 13. That’s when the U.S. Bureau of Economic Analysis releases the next update of the Personal Consumption Expenditures price index—the inflation metric Fed officials reference frequently as they measure price progress. 7
Traders are eyeing geopolitics and tracking bond moves as the weekend arrives, with a quick pivot to U.S. labor numbers next on the agenda. The March 6 jobs report stands out as gold’s next clear catalyst.
