NEW YORK, Feb 12, 2026, 12:05 (EST) — Regular session
- Spot gold down 0.4% near $5,060/oz; April U.S. futures off 0.3%
- Strong U.S. jobs data trims near-term Fed cut hopes; Iran headlines cap the dip
- U.S. CPI due Friday is the next major catalyst for rates and bullion
Gold prices eased on Thursday as stronger-than-expected U.S. labor data pushed back hopes for near-term Federal Reserve rate cuts, though safe-haven demand linked to U.S.-Iran tensions limited the slide. Spot gold was down 0.4% at $5,059.87 an ounce by 9:30 a.m. ET, while U.S. April futures fell 0.3% to $5,085.10. Peter Grant, vice president and senior metals strategist at Zaner Metals, said U.S.-Iran sabre-rattling was keeping a bid under the metal. (Reuters)
The dip comes after a volatile stretch: gold jumped more than 1% on Wednesday and briefly hit $5,118.47, and it is still up more than 17% this year despite sharp two-day sell-offs on Jan. 30 and Feb. 2 after Trump named his pick for Fed chair. “One strong jobs report won’t dent the mentality behind gold buying,” independent metals trader Tai Wong told Reuters. (Reuters)
Nonfarm payrolls rose 130,000 in January and the unemployment rate edged down to 4.3%, beating a Reuters poll forecast of 70,000 jobs. Christopher Rupkey at FWDBONDS said most hiring was in health care, a narrow pattern that “does not guarantee the economy’s future success.” Gold pays no interest, so higher rates can raise the cost of holding it. (Reuters)
Weekly jobless claims added to the evidence of a labor market that is not rolling over. New claims fell 5,000 to 227,000 last week, while continuing claims rose 21,000 to 1.862 million; Carl Weinberg of High Frequency Economics called claims “well within the recent range.” (Reuters)
Geopolitical risk remains the other leg of support. Trump said there was “nothing definitive” agreed with Israeli Prime Minister Benjamin Netanyahu on how to move forward with Iran, and he has threatened strikes if no agreement is reached. (Reuters)
Earlier in the week, gold fell more than 1% as investors hunkered down for the jobs and inflation run of data. David Meger of High Ridge Futures described it as a “light pullback or consolidation” around the psychological $5,000 level. (Reuters)
But the next risk sits with inflation. Zain Vawda, an analyst at MarketPulse by OANDA, said Friday’s CPI reading “will be key” and could send gold “back below the $5000/oz mark.” Other precious metals were mixed, with silver down 0.6% at $83.52, platinum down 1.3% at $2,104.90 and palladium up 0.7% at $1,711.12. (Kitco)
Policy signals are not one-way either. Fed Governor Stephen Miran said he still supported more rate cuts even after the jobs report and would be “very happy” to stay on at the central bank; his term expired on Jan. 31 but he can remain until a replacement is confirmed. (Reuters)
Friday’s U.S. consumer price index report is the next clean test for rates and the dollar. For gold, the question is whether it can stay above $5,000 if inflation does not cool fast enough to pull the Fed toward earlier cuts.
