Gold Holds Four-Day Gain on Tariff Uncertainty, Iran Tensions

Yihui Xie

Tue, February 24, 2026 at 10:00 AM GMT+9 2 min read

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Bloomberg

(Bloomberg) – Gold steadied, after four days of gains, as heightened uncertainty over US trade policy and tensions in the Middle East drove investors toward safer assets.

Bullion was near $5,230 an ounce in early trading, having advanced more than 7% over the previous four sessions. World markets are in a state of confusion after President Donald Trump said he would increase a global import levy to 15% following the US Supreme Court’s ruling against his so-called reciprocal tariffs.

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Some of America’s trading partners are struggling to reconcile the latest tariffs with earlier deals, adding tension to already strained relationships. An assessment by the European Union found that Trump’s new policy would raise duties on some of its exports above levels permitted under a trade agreement.

As investors seek refuge from risk, gold has consolidated back above $5,000 an ounce after a historic rout at the turn of the month. A wave of speculative buying had pushed a multiyear rally to breaking point, leading bullion to snap back sharply from a record above $5,595 in late January.

Many banks have forecast that prices will recover, as the underlying factors behind gold’s earlier advance remain intact. These include concerns about the Federal Reserve’s independence and a wider shift away from sovereign bonds and currencies, as well as heightened geopolitical risks — particularly in the Middle East.

The US has amassed its biggest military force in the region since 2003, with talks around Iran’s nuclear program set to resume this week. While stating his preference for a diplomatic resolution, Trump also said it would be a “very bad day” for Iran if a deal is not reached, and pushed back on reports that the Pentagon was concerned about the potential difficulty of an extended military campaign.

Gold edged up 0.1% to $5,230.19 an ounce as of 8:50 a.m. Singapore time. Silver fell 0.4% to $87.84. Platinum and palladium both gained. The Bloomberg Dollar Spot Index, a gauge of the US currency, was little changed after ending the previous session up 0.1%.

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