Gold Aims for 7th Monthly Gain, Safe Havens Increasingly "Clinging"
Gold prices strengthened on Friday (February 27th) and are on track to record a seventh consecutive monthly gain, supported by safe-haven demand amid uncertainty over US tariff policy and US-Iran tensions.
Spot gold rose 0.9% to $5,232.21/ounce, while US gold futures (April) rose 1.2% to $5,253.20/ounce. Throughout February, gold has risen around 6.5%, extending its seven-month rally to around 58%.
Gold's gains were also supported by falling US bond yields. The 10-year US Treasury yield fell to its lowest level in three months, reducing the "opportunity cost" of holding non-interest-bearing gold.
Geopolitically, indirect US-Iran nuclear talks in Geneva ended without a breakthrough, although Omani mediators said progress had been made and negotiations would continue next week at a technical level in Vienna. This situation maintains risks, but they haven't escalated to a new level—enough to keep gold prices high.
Tariffs are also contributing to the situation. The US has implemented a temporary 10% global import tariff, and according to USTR Jamieson Greer, that tariff could rise to 15% for some countries—adding to uncertainty about the global trade outlook.
In other metals markets, silver jumped 4.4% to $92.20/ounce and is on track for a monthly gain of around 6.2%. Platinum surged 5.3% to $2,393.80/ounce (a four-week high), while palladium rose 1.5% to $1,810.60/ounce.
Source: Newsmaker.id
