Gold price extends gain amid US–Iran standoff: planning notes for mine projects
Reviewed by Joe Ashwell

First reported on MINING.com
30 Second Briefing
Gold extended gains on Friday as the US–Iran nuclear standoff escalated, with spot prices up 1.2% to above $5,250/oz and silver jumping 6% to $94/oz. Bullion has rebounded from last month’s 10% single-day crash, remains about 20% higher year-to-date, and is holding technical support above $5,000/oz. Inflows into gold-backed ETFs this week have more than offset late-January outflows, while traders also price in potential 2026 US rate cuts flagged by Chicago Fed President Austan Goolsbee.
Technical Brief
- Single-day gold price drop exceeded 10% last month, the steepest fall since 1980.
- If current levels hold, bullion logs seven consecutive monthly gains, longest streak since 1973.
- Silver’s intraday move reached +6% to $94/oz, amplifying volatility across precious metals.
- US–Iran nuclear talks remain stalled, with both parties only agreeing to reconvene next week.
- President Trump has ordered a substantial build-up of US military assets in the Middle East theatre.
- US officials reportedly left the latest negotiation round “disappointed”, signalling elevated geopolitical risk premia.
- Weekly ETF inflows have already fully reversed late-January outflows linked to the prior crash.
- Chicago Fed President Austan Goolsbee flagged “several” possible rate cuts this year, conditional on lower inflation.
Our Take
The 1.2% intraday move in gold and 6% in silver in this US–Iran context is modest compared with the extreme safe‑haven spikes seen in late‑2025 coverage, where gold rallies above 70% year‑to‑date were recorded, suggesting current geopolitical risk is being priced as a short‑term flare‑up rather than a structural shock.
China’s near-69% month‑on‑month jump in net gold imports via Hong Kong aligns with other recent gold pieces in our database that emphasise central bank and Asian physical buying as the main backbone of demand, which tends to dampen downside for producers even when Western ETF flows are volatile.
With gold already up about 20% this year and potentially marking a seventh straight monthly gain, the pricing backdrop for new gold and silver projects in the Middle East and North America in our coverage is materially stronger than during the prior month’s >10% sell‑off, improving the economics of marginal deposits and expansions.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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