PRECIOUS-Gold heads for seventh straight monthly gain on safe-haven demand
By Noel John
Feb 27 (Reuters) - Gold prices rose on Friday as uncertainty over U.S. tariff policies and U.S.-Iran tensions underpinned the metal's safe-haven appeal and put it on track for a seventh straight monthly gain.
Spot gold XAU= gained 0.9% to $5,232.21 an ounce by 1325 GMT. The metal has climbed 6.5% so far in February, bringing gains for the seven months to 58%.
U.S. gold futures GCcv1 for April delivery were up 1.2% at $5,253.20.
U.S. 10-year Treasury yields US10YT=RR fell to a three-month low on the day, decreasing the opportunity cost of holding non-yielding gold.
"There are two things (supporting gold). First is the tariff uncertainty in the market right now, and on the other hand, the Iran and the U.S. situation," said ANZ analyst Soni Kumari.
GEOPOLITICAL RISKS PRESENT BUT NOT ESCALATING
The United States and Iran held indirect talks in Geneva on Thursday over their long-running nuclear dispute, with the Omani mediator saying the two sides had made progress. They plan to resume negotiations next week with technical-level discussions in Vienna.
"The latest rounds of talks have not produced a clear outcome, leaving geopolitical risks present but not escalating. This has kept gold at elevated levels, though it has not yet provided sufficient momentum to establish a sustainable bullish trend," said Linh Tran, senior market analyst at XS.com.
The U.S. began collecting a temporary 10% global import tariff on Tuesday. However, the rate will rise to 15% for some countries, U.S. Trade Representative Jamieson Greer has said.
On the data front, the number of Americans filing new applications for jobless benefits increased slightly last week, but the unemployment rate was steady in February.
China's central bank moved to contain the fast-rising yuan on Friday, scrapping risk reserves requirements for forex forward contracts, which should encourage dollar-buying and shelter exporters from the impact of a stronger domestic currency.
Spot silver XAG= rose 4.4% to $92.20 an ounce, on course for a 6.2% monthly gain.
Spot platinum XPT= climbed by 5.3% to a four-week high of $2,393.80 an ounce while palladium XPD= gained 1.5% to $1,810.60.
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