New York, February 20, 2026, 17:15 (EST) — The session has moved into after-hours.
Gold pushed past $5,100 an ounce late Friday in New York, as traders digested another batch of U.S. economic numbers and the latest tariff news. Spot gold (XAU/USD) rose 2.2% to $5,107.32, swinging between $4,981.95 and $5,108.03, according to Investing.com. 1
This shift is notable: gold has resumed its role as a macro readout, not merely a safe haven. Investors now face the challenge of valuing an economy with uneven cooling and inflation that won’t settle down.
Gold doesn’t yield interest, but when rate outlooks dip, suddenly it stacks up more favorably next to cash or bonds. Throw in a wave of uncertainty, and you’ll often see safety buyers move in.
Gold futures for April in the U.S. finished 1.7% higher at $5,080.90. Silver surged 5.8%, with platinum and palladium both up more than 4%, according to Reuters. The moves came after fourth-quarter GDP growth slowed to 1.4% and the Fed’s go-to inflation measure, the PCE price index, climbed 0.4% in December. Trump said he’d slap a 10% global tariff for 150 days following the Supreme Court’s decision against his sweeping use of the International Emergency Economic Powers Act. “He will try to re-establish tariffs using other statutes,” commented Tai Wong, an independent metals trader. RJO Futures’ Bob Haberkorn noted the combination of persistent inflation and slower growth was a positive for gold. 2
PCE inflation for December edged up to 2.9%, according to Investopedia, while the core measure—which strips out food and energy—landed at 3%. “This will trigger more concern inside the Fed that inflation needs a closer look again,” wrote Heather Long, chief economist at Navy Federal Credit Union. 3
Spot gold hovered near $4,979 on Thursday, with traders eyeing both U.S.-Iran friction and the Fed’s January minutes. Those minutes revealed officials divided over whether rates should hold steady or even climb, should inflation persist. “We’re being whipsawed and moving sideways with volatility,” said Daniel Pavilonis, senior market strategist at RJO Futures. U.S. weekly jobless claims landed at 206,000—surprising to the downside, according to Reuters. 4
Bullion dealers in India pushed discounts on gold out to $18 an ounce below official domestic prices, Reuters said, as choppy trading left retail buyers on the sidelines. With China and other parts of the region closed for Lunar New Year, liquidity was down sharply. 5
Still, gold’s surge puts it at risk if rates or currencies shift. Should inflation prove stubborn and central banks stick to a hawkish stance, rising yields and a stronger dollar threaten to sap bullion’s appeal. Non-yielding gold loses its luster fast, and those safe-haven flows could just as easily vanish.
Raphael Bostic, president of the Atlanta Fed, called this year’s 2.2% growth “a pretty strong number” and said keeping rates elevated remains “prudent” as inflation hovers near 3%—still above the Fed’s 2% target. He’s looking for growth to pick up to 2.4% in 2026. That projection has gold traders paying close attention to each inflation reading. 6
U.S. markets stay closed until Monday, leaving investors parsing remarks from Fed officials on Feb. 23, with Governor Christopher Waller on deck, and watching for a fresh read on the January producer price index due Feb. 27. Both could shift rate bets. The outlook for gold hanging on to the $5,000 mark through month-end might hinge on how those data land. 7
