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2026-02-26 18:07:18
[Safe-haven demand resurfaces, gold makes small inclines as market closely watches US-Iran tensions] ⑴ Gold prices rose slightly on Thursday, with geopolitical risks and trade policy uncertainty jointly driving safe-haven buying. As of early European trading, spot gold rose 0.2% to $5182.18 per ounce, extending its strong performance from earlier this week, reaching a three-week high. ⑵ Market focus is now on the third round of US-Iran nuclear talks scheduled for later today in Geneva. Trump made it clear in his State of the Union address on Tuesday that he would not allow Iran to acquire nuclear weapons and hinted at possible military action. Any signs of stalled negotiations could exacerbate the inflow of funds into gold assets. ⑶ Meanwhile, uncertainty surrounding US trade policy is also supporting gold prices. The US Trade Representative revealed that tariffs on some countries will be raised from the current 10% to 15% or higher, exacerbating market concerns about escalating global trade frictions and further strengthening gold's safe-haven appeal. (4) Swissquote Bank's external analysts point out that the ongoing tensions between the US and Iran, coupled with global economic uncertainty stemming from Trump's tariff rhetoric, are becoming the core catalysts for gold's rise. Year-to-date, gold prices have risen by 20%, with Asian buying and continued central bank gold purchases providing solid support to the market. Although a weaker dollar also contributed to gold prices today, investors are awaiting the US initial jobless claims data later in the day for further clues about the interest rate path.
