Geopolitical tensions are flaring up, and precious metals are on the move. Gold is surging on the latest news of military conflict in Iran, but is this the start of a massive run to new all-time highs, or just a temporary emotional spike? In this critical market update, Chief Market Strategist Gareth Soloway cuts through the headlines to deliver pure, probability-based technical analysis. Video by Gareth Soloway.
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Gold prices surged on Monday, March 2, 2026, jumping over 2.8% to trade near $5,400 per ounce. This spike follows a significant escalation in Middle East tensions over the weekend, including military strikes in Iran and the reported closure of the Strait of Hormuz.
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GOLD Insights
-Geopolitical Conflict: Coordinated military strikes by the U.S. and Israel against Iran led to a massive "flight to safety". The reported death of Iran's Supreme Leader and subsequent retaliatory strikes across the region have intensified market fear.
-Energy Supply Risks: The closure of the Strait of Hormuz—a chokepoint for 20% of global oil—sent crude prices up by as much as 13%, indirectly bolstering gold as an inflation and crisis hedge.
-Central Bank & Institutional Buying: Continued diversification by emerging market central banks and record inflows into gold-backed ETFs continue to provide a strong floor for prices.
-Monetary Policy: Markets are pricing in potential Federal Reserve rate cuts later in 2026, which historically makes non-yielding assets like gold more attractive.
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