New York, Feb 26, 2026, 17:11 (EST) — After-hours
- Spot gold hovered around $5,168.72 an ounce, barely moving. U.S. April gold futures finished the session 0.6% lower at $5,194.20.
- U.S.-Iran nuclear negotiations and new cues on U.S. tariffs took center stage for traders.
- Traders are now eyeing Friday’s U.S. producer price numbers, with attention also shifting to the upcoming nuclear talks.
Gold prices didn’t budge much Thursday, with traders eyeing every scrap of news from U.S.-Iran nuclear negotiations. Spot gold hovered at $5,168.72 an ounce; U.S. gold futures slipped 0.6% to finish at $5,194.20. Razan Hilal of FOREX.com pointed out that gold just couldn’t hold above $5,200, calling it “a resistance level” where sellers typically appear. She cautioned a geopolitical breakthrough could trigger a pullback. Peter Grant at Zaner Metals still saw “enough uncertainty out there,” keeping his focus on higher marks—$5,340.72 and $5,400—even as he acknowledged the risk of short-term drops. Source
Once again, the metal’s price action is reacting to headlines. Tariff moves are stoking fresh inflation fears, and traders are quick to pull back from safe-haven bets at the first hint of easing military tensions in the Middle East — those flows shift fast when risks look lower.
Initial jobless claims in the U.S. ticked up by 4,000 to 212,000 last week, Thursday’s data showed. Meanwhile, continuing claims dropped 31,000 to 1.833 million. The figures suggest a labor market holding steady, not falling apart. “Jolly up traders,” is how Carl Weinberg at High Frequency Economics put it, referring to those betting the Federal Reserve will hold off on rate cuts—a stance that tends to weigh on gold, which pays no interest. Source
Gold surged in the last session, with spot climbing 1.1% to $5,202.28. April futures closed roughly 1% higher at $5,226.20, as traders moved toward safe havens on tariff and geopolitical worries. “There’s an inflationary impact from tariffs and high oil prices,” said TD Securities strategist Bart Melek, pointing to a market seeking shelter in gold. Bank of America flagged the chance of a softer stretch into spring, but said renewed tariff risks could keep any pullback brief. The bank noted gold hit a record $5,594.82 on Jan. 29 and has gained about 20% this year. Source
Oman reported that the U.S. and Iran made “significant progress” in Thursday’s talks and are due to sit down again soon, with technical teams set for discussions next week in Vienna. If a credible framework deal starts to emerge, the odds of U.S. strikes drop—something traders have viewed as bullish for bullion. Source
Tariffs keep looming large. U.S. Trade Representative Jamieson Greer noted some countries will see the U.S. tariff jump to at least 15%, up from the just-enacted 10%. He added the administration is lining up action “where appropriate.” Source
Elsewhere in metals, spot silver lost 2.5% to $87.14 an ounce. Platinum slipped 2.2% to $2,236.37, with palladium off 1.9% at $1,761.05. The moves underscored the market’s quick response to changing risk appetite.
The calculus can shift in a hurry. Any solid diplomatic deal — or U.S. figures that prompt traders to delay bets on rate cuts — could give the dollar and real yields a boost, squeezing gold, particularly as prices still wrestle with that $5,200 mark.
Traders are eyeing the U.S. producer price index, set for release at 8:30 a.m. ET on Friday, as a read on inflation flowing through the system. A stronger-than-expected number could put “higher for longer” rates back in focus, a scenario that tends to weigh on gold. Source
Outside the numbers, attention is on when nuclear negotiations might resume and what the Fed signals after its March 17-18 meeting about rates through 2026. Lately, gold markets have been bracing for turbulence tied to both. The rally’s staying power looks set to hinge on the next round of headlines.
