NEW YORK, Feb 17, 2026, 16:01 EST — After-hours
- Gold dropped below $5,000 again, with the dollar strengthening and traders pulling away from the “safe-haven” trade.
- Wednesday brings the Fed’s January minutes. U.S. inflation figures follow on Friday.
- Gold-linked stocks slipped, weighed down by falling bullion and a drop in miners.
Gold tumbled more than 2% Tuesday, dipping back under the $5,000 mark as movement in U.S.-Iran nuclear negotiations sapped safe-haven appetite and the dollar strengthened. Spot prices were off 2.2% at $4,884.46 an ounce as of 1:30 p.m. ET. U.S. April futures dropped 2.8% to settle at $4,905.90, after the dollar index gained 0.3%. “We haven’t seen any fresh bullish fundamental news,” said Jim Wyckoff, senior analyst at Kitco Metals. He noted that reduced geopolitical tensions—both from Iran and ongoing Geneva talks over Ukraine and Russia—were likely to curb bullion demand. Reuters
Timing’s key here. Gold’s acting like insurance—investors pile in when nerves are up, but it doesn’t take much for that bid to deflate if diplomatic tensions cool. Now, traders are eyeing the Federal Reserve’s January meeting minutes, set for release at 2 p.m. Wednesday. After that, attention shifts to Friday’s 8:30 a.m. “personal income and outlays” report, featuring the closely-watched PCE inflation measure the Fed tracks. Federal Reserve
Rate bets are also in play. Chicago Fed President Austan Goolsbee floated the possibility of “several more” rate cuts this year, though only if inflation keeps heading convincingly toward 2%. He made it clear: the Fed is watching the numbers. For now, most investors are looking to June for the first potential move, Reuters reported. Reuters
Gold slipped after spending several days stuck close to $5,000 in thin, holiday-affected trading. “Gold is range-trading around $5,000/oz … with lower liquidity due to holidays,” UBS’s Giovanni Staunovo noted Monday, as U.S. and major Asian exchanges stayed closed. Over at MarketPulse by OANDA, analyst Zain Vawda said he’s now trimming his medium-term target to $5,100–$5,200, citing a “fluid” backdrop. Reuters
Gold’s slide weighed on related stocks. The TSX gold index in Canada slumped 4.3% during early Tuesday trading, matching the decline in the wider materials sector as metals lost ground.
Traders act cool about the $5,000 mark, but the chatter never really stops. Thin markets see rounds like this spark a bunch of stops firing at once, and then it’s chaos on the tape.
The unwind isn’t one-sided. If U.S.-Iran negotiations stumble, or the Ukraine situation deteriorates, gold could see safe-haven flows return in a hurry. But if the Fed minutes come off hawkish or inflation data tops forecasts, the dollar might stay bid, dragging the retreat out further.
Traders are bracing for Wednesday’s Fed minutes, searching for clues in the language, and Friday’s PCE-linked figures could show whether the road to 2% inflation is picking up pace or stuck in neutral. Geneva and Tehran headlines will share the spotlight with the data.
