Gold and silver prices rose sharply at the market open on February 23. As of the latest update, spot gold increased by 0.67% to $5,145.519 per ounce, while silver broke through $86 per ounce, expanding its intraday gain to 2%.

The surge comes amid escalating tensions in the Middle East. Satellite imagery indicates a significant increase in the number of U.S. fighter jets deployed in the region. Over 60 military aircraft have been stationed at the Muwaffaq Salti Air Base in Jordan, which could serve as a key hub for potential U.S.-led strikes against Iran.

According to a report by The New York Times, former President Trump is reportedly inclined to authorize an initial strike against Iran in the coming days. Should the initial action prove ineffective, a larger-scale military operation may be considered.

On February 22, Iranian Foreign Minister Araghchi stated in an interview that diplomacy remains the only viable path to resolving the nuclear issue. He mentioned that Iran is drafting the specifics of an agreement and may meet with U.S. Special Envoy Wittkopf in Geneva on Thursday, February 26. Araghchi expressed optimism that a "better deal" than the 2015 Joint Comprehensive Plan of Action could be reached, while reaffirming Iran's right to peaceful nuclear energy use.

In a related development, UBS raised its gold price target to $6,200 per ounce in its latest "House View" report, citing geopolitical risks and a favorable macroeconomic environment.

Regarding U.S. monetary policy, the CME FedWatch Tool indicates a 4.1% probability of a 25-basis-point rate cut by the Federal Reserve in March, with a 95.9% chance that interest rates will remain unchanged.