On the afternoon of February 19th, gold and silver prices experienced another round of volatile gains. By 15:01, spot gold had climbed above $5,020 per ounce, marking an intraday increase of 0.86%. Spot silver rose by 1.82% to $79 per ounce. Crude oil futures also continued to advance, with Brent crude reaching $70.48 per barrel by 15:28.

Industry insiders pointed out that this round of gold price fluctuations may still be linked to the situation involving Iran. According to reports, informed sources revealed that the U.S. military has prepared for a potential military strike against Iran "as early as this weekend," although U.S. President Donald Trump has not yet made a final decision.

Sources indicated that the White House has been briefed that, following a significant recent buildup of U.S. troops in the Middle East, the military is ready to launch an attack over the weekend. Trump has privately debated the pros and cons of military action and has sought advice from advisors and allies on the best course of action—it remains unclear whether he will make a decision before the weekend.

In a related development, according to the Russian Foreign Ministry website, Foreign Minister Sergey Lavrov stated during an interview with Al Arabiya that inappropriate demands were made during the U.S.-Iran negotiations in Geneva. Iran was asked to completely abandon its right to uranium enrichment for any purpose, significantly scale back its missile program, and cease influencing any political forces in the region. Lavrov emphasized that Iran has the right to conduct uranium enrichment for peaceful purposes.

Shifts in the international situation are once again impacting global gold prices. Domestically, the added effect of the Spring Festival gold-buying season has kept physical gold prices elevated as well.

In terms of physical gold prices, on February 19th, brands such as Chow Tai Seng, Chow Tai Fook, and Lao Miao Gold quoted prices at 1,499 yuan per gram, while Lao Feng Xiang quoted 1,518 yuan per gram, and Chow Sang Sang listed 1,500 yuan per gram.

Just on February 18th, during the Spring Festival holiday, Lao Pu Gold officially issued a price adjustment notice, announcing that product prices will be revised starting February 28th. This marks the first price change since 2026 and follows three consecutive adjustments in 2025.