Gold should rally amid rising geopolitical tensions
Posted: March 2, 2026
Author: Chief Investment Office
Source: UBS
Published: February 20, 2026
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Oil prices have risen to their highest levels since July as tensions between the US and Iran escalate.
The US military has amassed forces in the Middle East, and President Donald Trump said Iran has 10 to 15 days at most to reach a nuclear deal, or “it’s going to be unfortunate for them.”
Brent crude rose above USD 72/bbl, before dipping to USD 71.5 at the time of writing—still around 4% higher since the start of the week.
The US dollar is on track for its largest weekly gain in four months. Gold is up around 0.8% at USD 5,035 an ounce.
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