Gold Price Analysis: Safe-Haven Demand Lifts Gold to 3-Week High
Gold prices surged nearly 2% today, pushing the spot gold price to a three-week high of $5,175/oz, as investors shifted toward safe-haven assets amid rising global uncertainty.
The latest move reflects growing caution across financial markets, driven by new trade tariffs, geopolitical tensions, and a slowing global growth outlook, factors that traditionally support gold as a defensive asset.
Intraday Gold Price Movement: February 23, 2026
Source: TradingView. Past performance is not a reliable indicator of future performance. Data as of 23 February 2026.
We are seeing a classic shift in risk sentiment. When market visibility declines, investors often reduce exposure to higher-risk assets and rotate toward gold, which is widely viewed as a store of value during periods of uncertainty.
So what is driving the current gold rally?
- Trade Policy Volatility Returns
Over the weekend, the global trade outlook shifted following a US Supreme Court ruling that disrupted previous trade measures, leading to the announcement of new 15% tariffs across a wide range of imported goods.
Why this matters for gold
Trade policy changes can create uncertainty for multinational companies and currency markets. When the framework for global commerce changes rapidly, investors often increase exposure to assets perceived as less directly impacted by policy shifts, supporting demand for bullion and other safe-haven assets.
- Rising Geopolitical Tensions
Diplomatic negotiations in Geneva have entered a critical phase, while renewed warnings of potential escalation in the Middle East have added to market caution.
Historically, gold tends to benefit when geopolitical risks rise, as investors seek stability during periods of heightened uncertainty. As long as headlines remain sensitive, safe-haven demand may continue to support the gold market.
- Slower Growth, Sticky Inflation
Recent economic data suggests a challenging macro backdrop, with growth momentum slowing while inflation remains elevated in many regions.
This combination complicates policy expectations and has prompted several major institutions, including UBS and JP Morgan, to revise their longer-term gold outlooks higher, outlining scenarios where sustained macro pressure could continue to support prices.
What to Watch This Week
Geneva Headlines
Any diplomatic breakthrough could reduce safe-haven demand and ease upward pressure on gold.
Key Price Support
Analysts are watching whether gold can maintain levels above $5,150, which may act as a short-term support zone for the current rally.
The Bottom Line
Today’s gold rally reflects a market adjusting to renewed trade uncertainty, geopolitical risk, and a slower global growth environment.
When risk sentiment weakens and visibility declines, gold continues to reaffirm its traditional role as a defensive allocation within global portfolios.