In the February 27 session, gold prices approached the $5,300/ounce mark, closing out a month of strong price gains; spot gold rose 1.5% to $5,263.39/ounce in New York, while silver prices increased by 6.2% to $93.8/ounce.
Gold bars at a gold exchange in Seoul, South Korea. (Photo: Yonhap/VNA)
Global gold and silver prices rose by approximately 7.6% and 9.7% respectively in February 2026, amid a U.S. military buildup in the Middle East that caused market instability and prompted some traders to buy into safe-haven assets.
In the February 27 session, gold prices approached the $5,300/ounce mark, closing out a month of strong price gains. Spot gold rose 1.5% to $5,263.39/ounce in New York, while silver prices increased by 6.2% to $93.8/ounce.
Oman, acting as the mediator, stated that the U.S. and Iran made progress in a round of nuclear talks on February 26, but hours of discussion have yet to yield a breakthrough that could avert a U.S. campaign amid the country’s large-scale military presence.
Amid the tensions between the two nations, President Donald Trump ordered the largest U.S. military buildup in the Middle East since 2003. This development has supported gold's upward momentum in recent days.
In response to the situation, United Nations (UN) Secretary-General Antonio Guterres on February 27 commended the talks between Iran and the U.S., while calling on the parties to continue their efforts to reach a nuclear agreement.
UN Secretary-General spokesperson Stephane Dujarric said Mr. Guterres believes the parties need to continue working with determination and goodwill toward a lasting agreement.
Furthermore, Mr. Guterres emphasized that "full and comprehensive verification by the International Atomic Energy Agency (IAEA) is essential for any successful solution to the Iranian nuclear issue."
SJC gold bars. (Photo: VNA)
Meanwhile, gold prices remained largely unaffected after a report on February 27 showed that U.S. producer prices in January 2026 rose more sharply than expected.
U.S. producer prices surged in January 2026, with the cost of goods excluding food and energy seeing the largest increase in over three and a half years as businesses passed part of their import tariff costs onto consumers and prices rose at the start of the year.
The report released by the U.S. Department of Labor on February 27 showed that the Producer Price Index (PPI) rose 0.5% in January 2026, following a 0.4% increase in the previous month. On a year-over-year basis, as of the end of January 2026, the PPI increased by 2.9%, after a 3.0% rise in December 2025.
A 0.8% increase in the services sector drove the PPI growth in January 2026, with trade services rising by 2.5%. Production costs in the specialized and commercial equipment sector surged by 14.4%, indicating that businesses are passing tariff costs onto customers.
Within the services sector, airfares rose 2.6% and portfolio management fees increased by 1.5%. Medical service prices rose by 0.8%, although hospital outpatient treatment costs fell by 0.9% while inpatient treatment rose by 0.2%.
According to Ben Ayers, chief economist at the financial services and insurance organization Nationwide, with core inflation remaining high and the labor market continuing to be solid, the organization predicts that the Federal Reserve will keep interest rates unchanged at its meeting scheduled for March 2026.
For his part, Carl Weinberg, chief economist at High Frequency Economics, noted that the Department of Labor report showed the Fed shifting its focus away from labor market risks, and the market will have to quickly adjust its forecasts regarding Fed rate cut expectations for this year.
This increases the likelihood that the U.S. Federal Reserve will delay swift interest rate cuts. According to the CME Group’s FedWatch tool, the market currently sees about a 42% chance that the Fed will cut interest rates by 0.25 percentage points in June 2026.
(Source: Stock)
Over the past week, gold prices repeatedly recovered only to lose the $5,200/ounce mark. In the February 23 session, prices rose by more than 2% to their highest level in three weeks, driven by safe-haven demand amid uncertainties surrounding U.S. tariff plans. Spot gold rose 2% to $5,206.39/ounce, after briefly touching its highest point since January 30.
In the following session, the precious metal retreated from its newly reached peak as profit-taking and a stronger U.S. dollar exerted pressure on the market. The $5,200/ounce mark was reclaimed in the February 25 session, amid a "storm" of tariffs and geopolitical tensions. During this session, spot gold rose 1.1% to $5,202.28/ounce. Gold prices slipped below $5,200/ounce in the February 26 session after the U.S. and Iran agreed to extend nuclear talks.
Gold prices have surged by more than 20% year-to-date in 2026, surpassing the $5,000/ounce mark following a sharp decline from record highs in late January 2026. The precious metal has seen price increases for seven consecutive months, its longest winning streak since 1973.
Ongoing geopolitical and trade tensions, along with "de-dollarization" trades and concerns over the Federal Reserve's independence, have added momentum to the precious metal's prolonged rally.
Given the developments in the global gold market, Phillip Streible, Chief Market Strategist at the commodity futures brokerage Blue Line Futures, remarked that the next target for gold prices could be $5,450/ounce, while key support lies around $5,120/ounce.
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