Gold prices rise modestly on Thursday as a weaker U.S. dollar, safe-haven demand, and geopolitical tensions influence bullion markets

Gold prices rose modestly on Thursday, 26 February 2026, as safe-haven demand and a weaker U.S. dollar supported bullion, while investors monitored U.S. tariff developments and ongoing talks between the United States and Iran over its nuclear programme.

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Spot gold gained 0.5% to $5,195.99 per ounce as of 0639 GMT, rebounding from more than a three-week high reached earlier in the week. U.S. gold futures for April delivery slipped 0.2% to $5,213.50.

Christopher Wong, strategist at OCBC, said the price movements reflect “a re-pricing of fresh policy (tariff) uncertainty, geopolitical concerns, and a subdued dollar,” adding that “two-way consolidation is still likely as markets digest geopolitical news, dollar moves, tariff surprises, and Fed policy uncertainty.”

A softer dollar made gold cheaper for holders of other currencies, boosting demand.

Investor confidence in risk assets also rose following better-than-expected earnings from Nvidia, though caution persisted ahead of further U.S. tariff announcements.

On Wednesday, U.S. Trade Representative Jamieson Greer indicated that some countries’ tariff rates could rise to 15% or higher from the recently imposed 10%, without specifying which trading partners would be affected.

Monetary policy expectations remain a key driver.

Investors currently price in three 25-basis-point rate cuts from the Federal Reserve this year, according to CME Group’s FedWatch Tool.

Weekly U.S. jobless claims, due later in the day, are also being closely watched for signals on the Fed’s next moves.

Geopolitical developments reinforced gold’s safe-haven appeal.

U.S. and Iranian officials were scheduled to hold talks in Geneva on Thursday, aiming to resolve longstanding nuclear tensions and prevent potential military escalation following recent Iranian troop movements.

Other precious metals displayed mixed trends.

Spot silver edged up 0.1% to $89.48 per ounce, platinum rose 0.8% to $2,305.20, while palladium slipped 0.1% to $1,793.84, all reflecting recent three-week highs.

Analysts at Deutsche Bank noted that white metals are outperforming gold, forecasting silver at $100 per ounce by year-end based on a gold-silver ratio of 60.

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Market participants remain focused on the interplay of U.S. economic indicators, central bank policy, geopolitical developments, and currency fluctuations, all of which continue to influence gold and other precious metals.