Gold prices pushed higher, sitting at US$5,690 ($8,062) an ounce at the time of writing, driven by renewed safe haven demand after US and Israel’s attacks on Iran sharply escalated tensions in the Middle East.
In retaliation, Iran moved to restrict traffic through the strategic Strait of Hormuz — a vital route for about one-fifth of the world’s oil and substantial natural gas flows — launching attacks across neighbouring states. These states include the United Arab Emirates, Bahrain, Qatar, Saudi Arabia, Jordan, Iraq, and Syria.
Trading Economics reports that bullion had already been on the rise, trading at one-month highs of US$5,278 on Friday 27 February 2026. Over the past month, gold’s price has fallen 2.62% yet is still up 84.57% compared to the same period last year.
Gold is not the only precious metal surging higher, with silver sitting at US$112 per ounce.
This news comes amid several gold-focused explorers and developers worldwide tackling activities and deals to further advance their projects.
For example, Provenance Gold (CSE:PAU) recently began a multi-phase metallurgical testwork program at the Eldorado Project in the US.
As previously reported, the testwork will be used to verify results from historical bottle roll tests and Provenance’s previous 2024 gravity and flotation tests completed by Dawson Metallurgical Testing Laboratories.
Pacgold (ASX:PGO) also entered into a profit share agreement with Grainger Gold over its Wadnaminga Project, located 80km southwest of the White Dam mine site in South Australia.
Managing Director Matthew Boyes previously said Pacgold is continuing to expand its footprint in the Broken Hill region and add potential short-term sources of ore to be leached at the White Dam facility.
“The deposits at the Wadnaminga site have never been systematically explored and the old timers were focused on the ounce grade dirt, leaving behind any material with sub-bonanza grade,” Boyes says.
“This represents a real opportunity for Pacgold to quickly delineate a resource and fast-track to mining.”
Meanwhile, Toubani Resources (ASX:TRE) received an environmental permit for the Kobada Gold Project in Mali, West Africa, allowing the company to progress with development activities.
On the exploration front, Aureka (ASX:AKA) received drill results from its St Arnaud Comstock Project in Victoria, which support the exploration upside and potential growth of the resource.
Diamond hole 25NED004 intersected zones of gold and silver mineralisation, recording the ‘highest-grade’ silver from the project to date, at 0.3m @ 650 grams per tonne silver and 1.91g/t gold from 192m.
Within hole 25NED007, visible gold mineralisation was reported in December 2025, with the resulting assays returning 0.3m @ 31.5g/t gold from 127m.
Write to Aaliyah Rogan at Mining.com.au
Images: Unsplash
