Gold Price Today Surges Past $5,278 on War Fears
Gold price rallied sharply on Saturday, February 28, 2026, driven by escalating war fears following joint military strikes in the Middle East . The safe-haven appeal of the precious metal pushed international prices to a one-month high, crossing the $5,278 per ounce mark .
In Pakistan, the surge was even more pronounced, with gold prices jumping by Rs10,000 per tola in a single day as investors rushed to safe-haven assets amid growing uncertainty in the region.
Today’s Gold Prices: Global and Domestic Rates
International Gold Prices
Benchmark Price Change
- Spot Gold $5,278.20 per ounce +$100 (+1.94%)
- Spot Gold (Kitco) $5,278.20 per ounce +$94.30 (+1.82%)
- Gold Futures (April) $5,254 per ounce +1.1%
According to multiple sources, spot gold surged to $5,278.20 per ounce on February 28, marking its highest level since January 30, 2026 . Gold prices have risen nearly 8% since the beginning of February and are on track for a seventh consecutive monthly gain .
Read Also Here: Gold Prices Today February 2026 Rates Fall on Profit Booking
Pakistan Gold Prices
Unit Price (PKR) Change
- Per Tola (24K) Rs540,562 +Rs10,000
- 10 Grams (24K) Rs463,444 +Rs8,574
According to the All-Pakistan Sarafa Gems and Jewellers Association, the price of per tola gold moved up by Rs10,000 to reach Rs540,562. The price of 10-gram gold saw an increase of Rs8,574 to reach Rs463,444.
Silver Prices
Metal International Pakistan
- Silver $91.31 per ounce Rs9,862 per tola (+Rs388)
Silver prices also recorded a significant increase, with international silver rising 3.4% to $91.31 per ounce and per tola silver in Pakistan climbing by Rs388 to Rs9,862.
What’s Driving Gold Prices Today
1. War Fears in the Middle East
The primary catalyst for today’s surge was escalating war fears following joint military action in the Middle East . The strikes triggered a rush to safe-haven assets as investors braced for potential further escalation .
According to Phillip Streible, chief strategist at Blue Line Futures, “There’s a lot of nervousness surrounding geopolitics, you have all the set-up for a high probability of a military operation over the weekend, so it’s a risk-off in a flight to safety” .
The U.S. Embassy in Jerusalem also permitted non-emergency staff and families to leave Israel citing safety risks, further underscoring the gravity of the situation .
2. Nuclear Talks Stall
Despite making progress in nuclear talks on Thursday, hours of negotiations ended without a breakthrough that could avert military action amid a major military buildup . Mediator Oman stated that talks will continue next week after progress was made, though a source indicated some U.S. officials were disappointed with the outcome .
SPI Asset Management managing partner Stephen Innes noted that any escalation over the weekend could see gold spike aggressively at the start of next week, as it remains highly sensitive to war fears headlines .
3. Falling US Bond Yields
The yield on 10-year US Treasury bonds slipped to a three-month low, making non-yielding gold more attractive by lowering its opportunity cost . Lower yields reduce the opportunity cost of holding non-yielding assets like gold.
4. US Inflation Data
The producer price index (PPI) in January increased by 0.5%, higher than analysts’ forecast of 0.3% and continued the upward momentum from the previous month . Core PPI – excluding food and energy – increased by 0.8% in the month, reflecting widespread price pressure in the economy .
Gold Price Forecast and Expert Views
Analyst Targets
Analyst Target Price
- Manoj Kumar Jain (Prithvi Finmart) $5,500-5,650/oz
- Ajay Kedia (Kedia Commodities) $5,500/oz
- Phillip Streible (Blue Line Futures) $5,450/oz
- Bank of America $6,000/oz (12-month)
Expert Commentary
Phillip Streible, Blue Line Futures: The next likely upside target for gold is $5,450 per ounce, with key support around $5,120 per ounce . The $5,200 per ounce mark is currently considered an important psychological support zone; if maintained, gold prices may continue to maintain a positive trend.
Manoj Kumar Jain, Prithvi Finmart: Maintained his bullish stance on both metals, placing his targets at $5,500-5,650 an ounce for gold and $104-110 an ounce for silver .
Ajay Kedia, Kedia Commodities: Said he expects the yellow metal to test the $5,500 an ounce mark in the coming days .
Linh Tran, XS.com: Said the gold market will be particularly sensitive to several key factors. “First is the next phase of negotiations and whether war fears genuinely de-escalate, as any positive or negative development could quickly reshape safe-haven demand” .
Investment Perspective
Gold remains supported by multiple factors: war fears, falling bond yields, inflation concerns, and central bank buying. While short-term volatility is expected, the medium-term outlook appears positive.
For investors in Pakistan, the sharp Rs10,000 jump per tola today reflects both international trends and local safe-haven demand. The rupee-dollar dynamics add another layer, with currency movements affecting domestic gold prices even when international prices adjust.
Key levels to watch:
- Support: $5,120 per ounce
- Resistance: $5,450 per ounce
- Year-end target: $6,000 per ounce (Bank of America)
Factors to Watch Next Week
1. Nuclear Talks in Vienna
The resumption of talks next week will be closely watched by investors . Any signs of progress or deterioration could significantly impact gold prices.
2. Federal Reserve Policy Signals
According to the CME FedWatch tool, the market is pricing in about a 42% chance of a 25-basis-point U.S. Federal Reserve rate cut in June . Upcoming economic data and Fed statements will be crucial for rate expectations.
3. Chinese Demand
According to data from the Hong Kong Statistics Bureau, top consumer China’s net gold imports via Hong Kong in January rose by 68.7% from December . Continued strong demand from China could support prices.
Gold Price : Analysis by Best Pak Mag
Today’s sharp rally in gold prices underscores the precious metal’s enduring role as a safe-haven asset in times of war fears . The joint military strikes have injected a new level of uncertainty into an already volatile region, and investors are responding exactly as expected—by moving into gold .
What makes this rally particularly significant is that it comes despite strong US inflation data that would normally pressure gold prices. The PPI numbers released this week showed inflation running hotter than expected, which should theoretically support the case for higher-for-longer interest rates . Yet gold surged through the $5,200 level and beyond, demonstrating that war fears are currently outweighing rate expectations .
For Pakistani investors, today’s Rs10,000 jump per tola is a stark reminder of gold’s value as a wealth preserver. In a country where currency volatility and inflation are ongoing concerns, gold provides a hedge that few other assets can match. The fact that silver also surged—up Rs388 per tola—suggests broad-based demand for precious metals rather than a gold-specific move.
Looking ahead, all eyes will be on Vienna next week as negotiators return to the table . The outcome of those talks could determine whether gold continues its upward trajectory or experiences a sharp correction. If negotiations progress and de-escalation seems possible, we could see profit-taking that pulls prices back toward $5,200. If talks break down or military action escalates, $5,500 could be within sight .
Bank of America’s $6,000 year-end target now seems increasingly plausible . With central banks continuing to buy gold, ETF inflows resuming, and physical demand remaining strong in Asia, the structural case for higher gold prices remains intact . For now, the path of least resistance appears to be upward, with dips likely attracting buyers rather than signaling a trend reversal .
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Gold Prices Today February 2026 Rates Fall on Profit Booking
