Gold prices soar to $5,232, marking seven consecutive increases, with Bernstein setting a target of $6,100 by 2030
On February 28, news reports that international gold prices continue to rise. Spot gold increased by 0.9% to $5,232.21 per ounce, approaching a record high and potentially marking the seventh consecutive month of gains. US gold futures for April delivery are at $5,253.20, up 1.2% for the day. Since February, gold prices have accumulated a 6.5% increase, with a 58% rise over the past seven months. The “Gold Price Trend Analysis for 2026” has become a market focus.
The main reasons for this round of “rising international gold prices” center on two major variables: first, increasing uncertainty around US tariff policies; second, ongoing negotiations between the US and Iran over the Tehran nuclear deal, which have yet to be finalized. The US has implemented a 10% global import tariff, with some countries facing rates as high as 15%. Meanwhile, the US and Iran held indirect talks in Geneva, making some progress, but geopolitical risks remain. Analysts Sonny Kumari and Linh Tran both point out that policy and geopolitical games provide safe-haven support for gold, but the situation has not yet escalated out of control.
The interest rate environment also fuels gold prices. The yield on the US 10-year Treasury bond has fallen to a three-month low, reducing the opportunity cost of holding non-yielding assets. The key variable is whether the Federal Reserve will cut interest rates by 2026. Market expectations suggest possible rate cuts of two to three times this year. Historical data shows that after rate cuts, gold has averaged a 6.53% increase over the following 12 months. If this pace is maintained, it could bring an additional return of about 13%.
Looking long-term, Bernstein has raised its gold price forecast, expecting a target of $4,800 by 2026 and over $6,100 by 2030. Analyst Bob Brackett notes that the forecast is based on central bank net gold purchases, ETF fund flows, and US monetary policy paths. Although the pace of central bank gold purchases is slowing in 2025, it remains higher than pre-2022 levels; 95% of central banks expect to continue increasing gold reserves over the next year. Since mid-2024, ETF holdings have risen significantly, viewed as a key driver amplifying volatility.
In individual stocks, Newmont Corporation’s rating has been upgraded to “Outperform” by Bernstein, with a target price of $157. EBITDA expectations have increased by 26% to $21.9 billion, and the stock price rose 2.33% on the day.
Other precious metals are also strengthening. Spot silver is at $92.20, platinum has risen to $2,393.80, reaching a four-week high, and palladium has also increased. As tariffs, geopolitical risks, and interest rate paths continue to evolve, the bullish case for gold remains intact.