Gold Edges Lower as Traders Lock In Gains Above $5,000 an Ounce

Robin Paxton

Mon, February 16, 2026 at 8:46 AM GMT+9 2 min read

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-0.24%

Bloomberg

(Bloomberg) – Gold slipped, as traders booked profits after mild US inflation data pushed the metal back above $5,000 an ounce.

Bullion fell as much as 0.6% in early trading, after climbing 2.4% in the previous session. The US consumer price index rose 0.2% in January, allaying concerns about a bigger jump and boosting the case for the Federal Reserve to trim rates. Lower borrowing costs typically benefit non-yielding precious metals.

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Gold surged to a record above $5,595 in late January as a wave of speculative buying pushed the rally to breaking point, before an abrupt rout at the turn of the month pulled it back below $4,500. In choppy trading, the metal has regained roughly half of its losses since then.

In China, markets are closed this week for the Lunar New Year holiday. Demand for precious metals in the country has been frenetic in recent months, prompting authorities in the retail hub of Shenzhen to issue a stark warning against “illegal gold-trading activities.”

Many banks expect gold to resume its upward trend, arguing that the drivers behind a multiyear rally remain intact — including geopolitical tensions, questions over the Fed’s independence, and a broader shift away from traditional assets such as currencies and sovereign bonds. ANZ Group Holdings Ltd. said it expects bullion to hit $5,800 an ounce in the second quarter, joining a chorus of financial institutions that have forecast higher prices.

Spot gold fell 0.3% to $5,026.96 an ounce as of 7:40 a.m. in Singapore. Silver slid 1.1% to $76.54 an ounce. Platinum and palladium also traded slightly lower. The Bloomberg Dollar Spot Index, a gauge of the US currency, edged up 0.1%.

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