New York, Feb 24, 2026, 17:01 (EST) — After-hours
- Spot gold slipped 1.4% to $5,158.24 an ounce, while April futures wrapped up 0.9% lower at $5,176.30.
- The rally runs into profit-taking, with a stronger dollar adding pressure. Tariff uncertainty still hangs over the market.
- Thursday brings U.S.-Iran talks and the release of U.S. jobs data on March 6—both under traders’ scrutiny for the next potential move.
Gold pulled back from its recent three-week peak Tuesday, as sellers took profits and a stronger dollar trimmed gains fueled earlier by tariff and geopolitical news. Spot gold dropped 1.4% to $5,158.24 an ounce by 1:40 p.m. ET. U.S. gold futures for April ended the session down 0.9% at $5,176.30. Silver declined 1.2% to $87.21. Platinum managed a 1% rise; palladium jumped 2.3%. 1
Gold snapped back after Monday’s surge, when prices shot up over 2% and touched a three-week peak. Investors piled in after President Donald Trump hinted tariffs could jump to 15%, reacting to a Supreme Court decision that struck down his previous levies. Still, the metal’s well off its Jan. 29 all-time high of $5,594.82. On the watchlist: any sign that mainland Chinese buyers, typically heavyweights in the market, are back as Lunar New Year festivities wrap up. “Once activity picks up, those quieter holiday sessions can magnify price swings,” said CPM Group’s Jeffrey Christian. 2
These swings are significant; bullion sits in a band where new policy signals can spark rapid price moves. With no yield on gold, changing U.S. rate bets or a stronger dollar can flip safe-haven demand into a sharp reversal.
The dollar index ticked up 0.17% to 97.81, with U.S. 10-year yields holding near 4.036%, according to data from Investing.com. Kitco Metals’ Jim Wyckoff described the drop as “a corrective pullback,” following a stretch of gains. He pointed to the firmer dollar as another headwind, even as tariffs and ongoing U.S.-Iran tensions curbed aggressive selling. 3
Spot gold slipped 1.2% by 0538 GMT, giving back ground after Monday’s surge as traders paused to reassess. “We have a little bit of a digestion here,” said Ilya Spivak, head of global macro at Tastylive. He noted the risk-off wave that swept Wall Street hadn’t “extend into the Asian market.” 4
Traders are still watching rates. Federal Reserve Governor Christopher Waller left the door open to holding rates steady at the Fed’s March meeting, depending on what the February jobs numbers show. Waller said he was surprised by January’s 130,000 job gain, but if the labor market now looks more stable, he’s open to a pause. The February jobs figures land March 6, just ahead of the March 17–18 policy gathering. 5
Demand right now is being propped up by tariff threats and geopolitics. In trader speak, “safe-haven” just means the assets people turn to when they’re looking to dial back exposure elsewhere.
The flip side isn’t tough to imagine. Should tariff threats turn into actual carve-outs after negotiations, or if Washington and Tehran manage to cool things off in this week’s talks, hedges could unwind fast—especially with a stronger dollar pushing things along.
Thursday brings the U.S.-Iran nuclear talks in Geneva, followed by the March 6 U.S. jobs report—either could shake up rate expectations. On the gold side, desks are eyeing whether this week’s slide holds steady or hints at deeper trouble.
