Gold prices continued to rise to new recent highs, fueled by both tariffs and geopolitical tensions.
2026-02-23 19:55:29
On Monday (February 23) during the Asian session, gold prices continued their recent strong performance, steadily climbing to near $5,150, continuing the upward momentum following Friday's surge.
The Trump administration's abrupt changes in tariff policy are continuously fueling global risk aversion, driving gold prices higher and nearing key psychological levels. Meanwhile, the escalating geopolitical tensions between the US and Iran and the upcoming negotiations have made this traditional safe-haven asset a focus of market attention.
The core driver behind gold's continued strength is the global market panic and uncertainty triggered by Trump's tariff policies.
As a recognized safe-haven asset, gold's value has become increasingly prominent amid global trade turmoil, attracting a continuous inflow of various funds into the precious metals market and supporting a steady rise in gold prices.
However, influenced by the news, gold prices surged last Friday, and continued to rise today, presenting a good opportunity for short-term profit-taking.
The capriciousness and differentiated adjustments of tariff policies are a significant source of uncertainty in the current market.
The U.S. Supreme Court previously issued a landmark ruling, finding Trump's tariff policies illegal and rejecting them, a decision that directly undermined the legitimacy of his trade policies.
However, the Trump administration quickly retaliated, invoking relevant legislation within hours. It first announced a 10% tariff on global imports, and then swiftly raised the rate to 15%, while clarifying that many existing tariff policies remained in effect.
More noteworthy is the distinct differentiation in this tariff adjustment: countries like the UK, EU, and Singapore will face higher trade-weighted tariffs, while tariff rates for countries like Brazil, China, and India will decrease significantly.
This adjustment, which runs counter to Trump's original stance, has become a new lever in the great power game, further disrupting the global trade landscape, exacerbating market anxiety, and continuously strengthening gold's safe-haven attributes, providing strong support for its price.
Previously, gold prices had already risen significantly due to the combined effects of rebounding inflationary pressures and geopolitical risks. The current turmoil in the trade situation has undoubtedly made the demand for gold as a safe haven even stronger.
In addition to tariff policies, the ongoing geopolitical tensions between the US and Iran have injected more volatility and support into the gold market.
The market had initially hoped for a breakthrough in the US-Iran negotiations. The Omani Foreign Minister officially confirmed that the next round of US-Iran nuclear talks would be held in Geneva on Thursday. This news temporarily curbed the one-sided upward trend of gold, prompting some short-term investors to take profits.
However, the latest developments show that the risk of geopolitical conflict is escalating rapidly, making gold's safe-haven appeal even stronger.
According to reports, Trump has told his advisors that he is inclined to launch an initial strike against Iran in the coming days, followed by a larger military strike to force Iran to capitulate and reach an agreement.
Israel has also expressed concern about the US's Iran policy. After meeting with Trump, Israeli Prime Minister Netanyahu stated that he could not judge the US's next move and questioned the consistency of their positions. He also specifically assessed Hezbollah's possible reaction if the US were to take military action against Iran.
Faced with external military threats, Iran has adopted a tough stance. The Commander-in-Chief of the Islamic Republic of Iran's Armed Forces, Khatami, clearly stated that any attempt by the enemy to gradually weaken Iran is pure delusion, and that even if they deploy ships and various weapons, they will inevitably encounter strong resistance.
He emphasized that millions of Iranian soldiers are ready to sacrifice themselves for their country, and that the Iranian people will resolutely defend national security, while the army will vow to protect the country's independence, sovereignty, and territorial integrity.
In addition, the Iran nuclear negotiations themselves have core differences that are difficult to bridge, and domestic anti-government protests continue to escalate. These multiple uncertainties have made the long-term safe-haven support logic for gold increasingly solid. The upcoming US-Iran talks on Thursday have thus become a key juncture in determining the short-term direction of gold prices.
The gold market will continue to be dominated by multiple key events and data. In the short term, the US-Iran talks on Thursday will undoubtedly be the biggest focus. If the talks break down or the geopolitical conflict escalates further, it will trigger safe-haven buying of gold and push its price up. If the talks make progress, it may trigger a short-term pullback in gold prices, but this will not change its long-term safe-haven support logic.
In the medium term, the upcoming US Producer Price Index (PPI) data is also attracting much attention. As an important indicator for measuring inflation, its performance will affect market expectations for the Federal Reserve's interest rate policy, and thus indirectly affect gold prices.
Currently, global investors are adjusting their gold holdings to position themselves in advance, and gold prices in domestic gold shops and banks are also rising in tandem. The prices of gold from major brands and investment gold bars are all showing an upward trend. Behind this is the global investors' concern about the situation in the Middle East and tariff turmoil, as well as their recognition of the safe-haven value of gold.
Against the backdrop of rising global uncertainty, gold has become increasingly attractive as a stable asset, making it an important choice for investors to hedge risks and protect their wealth.
From a technical perspective, spot gold consolidated throughout the day near the upper channel line and the key support/resistance level, digesting and recovering from the previous sharp pullback. Currently, there is significant resistance at this level. Given the uncertainties surrounding tariffs and the Iranian geopolitical situation, the continued rise after Friday's surge and the subsequent weekend rally presents a worthwhile profit-taking opportunity. After further consolidation, both tariffs and the Iranian geopolitical issue have room to escalate. If gold holds above the 5120 level, there is still room for further upward movement.
(Spot gold daily chart, source: FX678)
At 19:53 Beijing time, spot gold was trading at $5,153 per ounce.
The Trump administration's abrupt changes in tariff policy are continuously fueling global risk aversion, driving gold prices higher and nearing key psychological levels. Meanwhile, the escalating geopolitical tensions between the US and Iran and the upcoming negotiations have made this traditional safe-haven asset a focus of market attention.
The core driver behind gold's continued strength is the global market panic and uncertainty triggered by Trump's tariff policies.
As a recognized safe-haven asset, gold's value has become increasingly prominent amid global trade turmoil, attracting a continuous inflow of various funds into the precious metals market and supporting a steady rise in gold prices.
However, influenced by the news, gold prices surged last Friday, and continued to rise today, presenting a good opportunity for short-term profit-taking.
Sudden changes in tariff policy and trade turmoil strengthen safe-haven attributes
The capriciousness and differentiated adjustments of tariff policies are a significant source of uncertainty in the current market.
The U.S. Supreme Court previously issued a landmark ruling, finding Trump's tariff policies illegal and rejecting them, a decision that directly undermined the legitimacy of his trade policies.
However, the Trump administration quickly retaliated, invoking relevant legislation within hours. It first announced a 10% tariff on global imports, and then swiftly raised the rate to 15%, while clarifying that many existing tariff policies remained in effect.
More noteworthy is the distinct differentiation in this tariff adjustment: countries like the UK, EU, and Singapore will face higher trade-weighted tariffs, while tariff rates for countries like Brazil, China, and India will decrease significantly.
This adjustment, which runs counter to Trump's original stance, has become a new lever in the great power game, further disrupting the global trade landscape, exacerbating market anxiety, and continuously strengthening gold's safe-haven attributes, providing strong support for its price.
Previously, gold prices had already risen significantly due to the combined effects of rebounding inflationary pressures and geopolitical risks. The current turmoil in the trade situation has undoubtedly made the demand for gold as a safe haven even stronger.
Geopolitical tensions escalate, adding volatility to the US-Iran rivalry.
In addition to tariff policies, the ongoing geopolitical tensions between the US and Iran have injected more volatility and support into the gold market.
The market had initially hoped for a breakthrough in the US-Iran negotiations. The Omani Foreign Minister officially confirmed that the next round of US-Iran nuclear talks would be held in Geneva on Thursday. This news temporarily curbed the one-sided upward trend of gold, prompting some short-term investors to take profits.
However, the latest developments show that the risk of geopolitical conflict is escalating rapidly, making gold's safe-haven appeal even stronger.
According to reports, Trump has told his advisors that he is inclined to launch an initial strike against Iran in the coming days, followed by a larger military strike to force Iran to capitulate and reach an agreement.
Israel has also expressed concern about the US's Iran policy. After meeting with Trump, Israeli Prime Minister Netanyahu stated that he could not judge the US's next move and questioned the consistency of their positions. He also specifically assessed Hezbollah's possible reaction if the US were to take military action against Iran.
Faced with external military threats, Iran has adopted a tough stance. The Commander-in-Chief of the Islamic Republic of Iran's Armed Forces, Khatami, clearly stated that any attempt by the enemy to gradually weaken Iran is pure delusion, and that even if they deploy ships and various weapons, they will inevitably encounter strong resistance.
He emphasized that millions of Iranian soldiers are ready to sacrifice themselves for their country, and that the Iranian people will resolutely defend national security, while the army will vow to protect the country's independence, sovereignty, and territorial integrity.
In addition, the Iran nuclear negotiations themselves have core differences that are difficult to bridge, and domestic anti-government protests continue to escalate. These multiple uncertainties have made the long-term safe-haven support logic for gold increasingly solid. The upcoming US-Iran talks on Thursday have thus become a key juncture in determining the short-term direction of gold prices.
Summary and Technical Analysis:
The gold market will continue to be dominated by multiple key events and data. In the short term, the US-Iran talks on Thursday will undoubtedly be the biggest focus. If the talks break down or the geopolitical conflict escalates further, it will trigger safe-haven buying of gold and push its price up. If the talks make progress, it may trigger a short-term pullback in gold prices, but this will not change its long-term safe-haven support logic.
In the medium term, the upcoming US Producer Price Index (PPI) data is also attracting much attention. As an important indicator for measuring inflation, its performance will affect market expectations for the Federal Reserve's interest rate policy, and thus indirectly affect gold prices.
Currently, global investors are adjusting their gold holdings to position themselves in advance, and gold prices in domestic gold shops and banks are also rising in tandem. The prices of gold from major brands and investment gold bars are all showing an upward trend. Behind this is the global investors' concern about the situation in the Middle East and tariff turmoil, as well as their recognition of the safe-haven value of gold.
Against the backdrop of rising global uncertainty, gold has become increasingly attractive as a stable asset, making it an important choice for investors to hedge risks and protect their wealth.
From a technical perspective, spot gold consolidated throughout the day near the upper channel line and the key support/resistance level, digesting and recovering from the previous sharp pullback. Currently, there is significant resistance at this level. Given the uncertainties surrounding tariffs and the Iranian geopolitical situation, the continued rise after Friday's surge and the subsequent weekend rally presents a worthwhile profit-taking opportunity. After further consolidation, both tariffs and the Iranian geopolitical issue have room to escalate. If gold holds above the 5120 level, there is still room for further upward movement.
(Spot gold daily chart, source: FX678)
At 19:53 Beijing time, spot gold was trading at $5,153 per ounce.
- Risk Warning and Disclaimer
- The market involves risk, and trading may not be suitable for all investors. This article is for reference only and does not constitute personal investment advice, nor does it take into account certain users’ specific investment objectives, financial situation, or other needs. Any investment decisions made based on this information are at your own risk.
