Gold prices were broadly stable during Asian trading on Friday and remained on track for solid monthly advances, supported by continued safe-haven demand amid elevated geopolitical risks and lingering economic uncertainty.
Ongoing disruptions tied to U.S. trade policy, together with concerns about slowing growth across major global economies, kept investors positioned defensively and helped bullion recover most of the losses recorded toward the end of January.
Renewed geopolitical tensions also contributed to demand after conflict broke out between Pakistan and Afghanistan, although hostilities have so far remained confined to the region.
Gold set for strong February performance after recovering January losses
Spot gold traded little changed at $5,187.18 per ounce as of 00:12 ET (05:12 GMT), while April gold futures gained 0.2% to $5,203.61 per ounce.
The metal has risen about 6.7% in February, rebounding sharply from early-month lows after a speculative rally unwound quickly at the start of the period.
Spot prices had fallen to roughly $4,600 per ounce in early February before beginning a steady recovery.
Escalating tensions surrounding Iran played a key role in gold’s rebound, as the United States increased its military deployment in the Middle East and warned of possible action if Tehran refused a nuclear agreement.
Talks between Washington and Tehran concluded this week without a breakthrough, although both sides agreed to continue negotiations, supporting cautious optimism that a deal could eventually emerge.
Uncertainty surrounding the U.S. economic outlook also lifted gold, particularly after a U.S. Supreme Court ruling invalidated most of President Donald Trump’s trade tariffs.
Trump responded by announcing plans for new tariffs under an alternative legal framework and warning of additional levies, leaving markets wary of further economic disruption.
Other precious metals also advanced on Friday and were positioned for strong monthly gains. Spot silver climbed 1.7% to $89.7785 per ounce, bringing February gains to around 6%, while spot platinum rose 3% to $2,351.63 per ounce and was up 8.4% for the month.
Copper posts modest February rise as markets watch China demand outlook
Among industrial metals, copper prices edged higher on Friday and were set for modest monthly gains as traders awaited clearer signals from China, the world’s largest copper importer.
Benchmark copper futures on the London Metal Exchange rose 0.2% to $13,333.0 per ton and were up approximately 1.2% for February.
COMEX copper futures increased 0.4% to $6.0480 per pound, leaving the contract about 1.1% higher for the month.
Copper’s relatively subdued performance during February was largely attributed to reduced trading activity during China’s Lunar New Year holiday, when mainland markets were closed for more than a week.
ANZ analysts noted that copper inventories in China increased more than expected during the holiday period, while global stockpiles also rose amid disruptions to mining activity and trade flows.
With Chinese markets reopening this week, attention has shifted toward renewed purchasing activity. Copper demand is expected to strengthen in coming quarters as investment tied to artificial intelligence infrastructure accelerates.
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