World Gold Price Reaches $5,263 per Ounce, Silver Surges in Tandem
World gold prices have rebounded and extended their monthly uptrend. Tensions between the United States and Iran, coupled with increased US military presence in the Middle East, have kept the market cautious and driven investors to pursue safe-haven assets.
According to Bloomberg on Saturday, 28 February 2026, gold prices surged above $5,200 per ounce. The gold price increase simultaneously concluded the month’s rally.
Negotiations between Washington and Teheran are set to continue next week following “significant progress” on Thursday, according to Omani mediators. However, sources familiar with the US position indicated that officials left negotiations disappointed with the developments achieved.
The US and Iran have long been embroiled in tensions over the Islamic Republic’s nuclear activities, with both nations hurling threats at one another.
US President Donald Trump has ordered the largest military deployment to the Middle East since 2003. This move has also supported the recent surge in world gold prices.
Throughout this year, world gold prices have surged more than 20 per cent. The precious metal has remained above $5,000 per ounce after experiencing a sharp correction from its record high in late January.
Continuing geopolitical and trade tensions, the trend of US dollar weakness, and concerns regarding the Federal Reserve’s independence have further bolstered the long-term gold rally.
As the market has begun to stabilise, investors have resumed building positions in gold-based exchange-traded funds (ETFs). Fund inflows through Thursday of this week have been more than sufficient to offset the selling that occurred early in the month.
World gold prices have also largely disregarded Friday’s report showing that prices paid by US producers rose higher than expected.
The producer price index increased 0.5 per cent, whilst the core indicator, which excludes food and energy components, recorded the largest increase since July.
This strong economic data reinforces reasons for the US central bank to delay rate cuts in the near term.
Increases also occurred in other precious metals, with silver prices surging 6.2 per cent to $93.80 per ounce, whilst platinum and palladium have also strengthened.
Meanwhile, the Bloomberg Dollar Spot Index, which measures the performance of the US dollar, fell less than 0.1 per cent.