Gold extends gains as traders eye US tariffs, Iran nuclear talks

Gold rose, as traders weighed geopolitical tensions in the Middle East and the impact of US tariffs on global trade.

Bullion climbed toward $5 200 an ounce, having gained nearly 6% over the last six sessions, as a buildup of US troops in the Middle East kept global markets on edge. Washington imposed sanctions on more than 30 entities that support Iranian oil and weapons sales, ramping up pressure on Tehran ahead of the latest round of nuclear talks on Thursday in Geneva.

Meanwhile, the administration of US President Donald Trump pushed ahead with moves to preserve his tariff agenda, adding tension to already strained relationships with trading partners. US Trade Representative Jamieson Greer said Trump will sign a directive raising his global tariff to 15% “where appropriate”. A broad 10% levy took effect Tuesday after a Supreme Court ruling struck down Trump’s so-called reciprocal tariffs.

The latest moves in gold reflect “a repricing of fresh tariff uncertainty and geopolitical concerns,” said Christopher Wong, a strategist at Oversea-Chinese Banking Corp. Two-way consolidation is likely, he said, as the market digests the latest news as well as Federal Reserve policy and moves in the dollar. A gauge of the US currency fell 0.1% on Thursday after ending the previous session down 0.2%.

Gold has gained nearly 20% this year, finding a footing back above $5 000 an ounce after an abrupt, two-day pullback from a record high of $5 595 in late January. The ongoing geopolitical and trade tensions have restored impetus to a multiyear bull run, reinforcing the dollar debasement trade whereby investors move away from the US currency and Treasuries.

In a further sign of friction, Cuban forces killed four people who had opened fire from a speedboat with Florida tags, an incident with the potential to escalate a tense standoff with the US.

Worries about government interference in US Federal Reserve policies have also supported gold. In a farewell essay before his retirement, Fed Bank of Atlanta President Raphael Bostic wrote that he was concerned that Americans have started to question the central bank’s independence.

Spot gold climbed 0.6% to $5 193.79 an ounce as of 12:48 p.m. in Singapore. Silver edged up 0.1% to $89.32. Platinum advanced, while palladium fell.

© 2026 Bloomberg

Follow Moneyweb’s in-depth finance and business news on WhatsApp here.