Gold stalls near $5,000 despite global uncertainty

February 19, 2026 (MLN): Gold prices moved slightly up, though still struggling to break past the $5,000 mark amid a mix of economic and geopolitical developments.

Currently, spot gold went up 2.34% to $4,998.32 an ounce as of [11:22 am] PST, according to data reported by Mettis Global.

The yellow metal’s appeal remains tempered by the strength of the US Dollar, which climbed to a one-week high following the release of somewhat hawkish minutes from the Federal Reserve’s January monetary policy meeting.

The Fed’s minutes revealed a split among policymakers over the need and timing for further interest rate cuts.

While some officials suggested additional cuts might be appropriate if inflation trends downward, others cautioned that easing too soon could jeopardize the central bank’s 2% inflation target.

This dovetailed with stronger-than-expected US economic data showing a rise in industrial production and the largest increase in manufacturing output in 11 months, reinforcing the case for the Fed to maintain current interest rate, according to FXStreet.

The stronger economic signals lifted US Treasury yields and bolstered the US Dollar, putting downward pressure on non-yielding gold.

Nevertheless, markets are still pricing in the potential for three 25 basis point rate cuts later this year.

At the same time, risks to the Fed’s independence and ongoing geopolitical tensions provide some support to the precious metal, suggesting traders exercise caution before betting on further losses.

Geopolitical concerns remain a key factor.

The latest round of US-mediated talks between Ukraine and Russia concluded in Geneva on Wednesday with no significant progress, highlighting ongoing disagreements over eastern Ukrainian territories.

Meanwhile, reports indicate that the US military could take action against Iran as early as this weekend, although President Donald Trump has yet to make a final decision.

These tensions continue to underpin gold’s safe-haven demand.

Copyright Mettis Link News