This week, the gold market experienced notable fluctuations, reflecting both geopolitical tensions and macroeconomic factors. As of February 28, 2026, the gold spot price stands at $5,264.1 per ounce, showing a decline from recent highs earlier in the month. Despite this week’s retreat, gold remains a key asset amid persistent global uncertainties.
Weekly Price Performance
Gold prices fluctuated throughout the week, recording a spot price of $5,246.70 per ounce on February 27, up $52.50 or 1.01% from the previous close (USAGold). An alternative spot price reported on the same day was $5,277.24, marking a 1.79% increase (Trading Economics). The market saw these gains due to rising safe-haven demand, spurred by geopolitical tensions and economic policies.
Key Market Movers
One of the significant drivers this week was the U.S. government’s invocation of Section 122, imposing a 10% global tariff with potential for an increase to 15% pending a Supreme Court ruling. This trade policy shift has boosted safe-haven demand for gold as investors seek protection against escalating trade tensions (Trading Economics).
Additionally, the dollar index experienced a slight decline of 0.06% on February 27, as lower yields on the 10-year T-note weakened the U.S. dollar, thereby benefiting gold prices (Barchart).
Technical Analysis
On the technical front, gold prices are navigating key support and resistance levels. The market has successfully defended the ₹16,000 support level on the MCX, with a monthly peak of ₹16,204/10g observed on February 25 (Sunday Guardian Live). Globally, gold is testing two-month highs above $5,220 per ounce as of February 27, indicating a constructive setup following recent breakouts (Trading Economics).
Outlook for Next Week
Heading into the next week, gold prices may continue to experience volatility driven by ongoing geopolitical developments and economic data releases. Market analysts suggest that if the U.S. Supreme Court upholds the potential tariff hike, further safe-haven flows could elevate gold prices. Moreover, central banks’ sustained purchasing, projected at approximately 850 tonnes in 2026, continues to provide a structural demand floor for gold (USAGold).
However, investors should be cautious of profit-taking activities that may temporarily ease prices, as observed in MCX gold’s recent dip to ₹16,172/10g (Sunday Guardian Live).
Major Themes for Gold Investors
Key themes for gold investors include the ongoing impact of U.S. trade policies and central bank strategies. The market’s resilience amid sticky inflation and a softening dollar suggests that gold may continue to play a pivotal role in diversified portfolios. Analysts indicate that gold’s mid-cycle bull market could see prices reach $6,750 by the U.S. midterms, though such projections are speculative and depend on a multitude of factors (Kitco).
As always, potential investors should consider that past performance does not guarantee future results. This analysis is not financial advice, and individuals should conduct their own research and consult with financial advisors when making investment decisions.
For more in-depth coverage and the latest updates on the gold market, stay tuned to MineListings.com.
Investment Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or trading advice. The content should not be construed as a recommendation to buy, sell, or hold any security or commodity. Past performance is not indicative of future results. Mining investments carry significant risks, including the potential loss of principal. Always conduct your own research and consult with a qualified financial advisor before making investment decisions. MineListings.com and its authors may hold positions in securities mentioned in this article.
