Gold climbed more than 1% on the day and nearly 8% since mid February, extending its recovery as crypto and equity markets cool.

The metal approached $5,250 earlier today, heading toward a seventh straight monthly gain. Gold previously reached an all-time high near $5,600 in late January amid escalating geopolitical tensions between the US and Iran, sparked by Iran’s protest crackdown, US threats of intervention, and military buildup, which fueled safe-haven demand.

After peaking in January, metals pulled back sharply as February began. Gold fell more than 21% from its high to around $4,400, while silver dropped nearly 46% from $121 to $64. Both have since rebounded. Silver rose more than 6% on the day to around $94 and is up over 28% since mid February, setting a new monthly high.

Spot platinum gained 3.5% to $2,352 an ounce, while palladium edged up 0.1% to $1,785, with both metals tracking toward monthly advances.

The rebound in metals contrasts with stagnation in digital assets and equities. Bitcoin has ranged between $65,000 and $70,000 throughout February after briefly dropping below $60,000 earlier in the month. At press time, Bitcoin traded near $65,500, down 2.8% on the day.

US equities also remained under pressure. The S&P 500 fell 0.8%, while the Nasdaq declined 1.1%, weighed down by weakness in mega-cap tech stocks.

Nvidia shares have dropped roughly 9% since Wednesday, falling below $180 despite reporting earnings that beat expectations. The weakness has extended across mega-cap tech names including Meta, Amazon and Alphabet, with investors growing concerned about the scale of planned AI capital expenditures. These spending plans are projected to reach north of $770 billion in 2026.