Gold prices fell below the $5,000 mark in light holiday trading.
2026-02-17 00:28:08
On Monday (February 16), during the US trading session, at the start of the new trading week, major global financial markets were closed, resulting in an unusually quiet trading atmosphere. International gold prices failed to hold above $5,000 per ounce and eventually fell back below that level.
Overnight, gold prices briefly surged to a daily high of around $5,032 per ounce, but failed to attract sufficient buying interest to maintain momentum. It is understood that the Chinese market was closed for a week due to the Lunar New Year holiday, which to some extent affected market liquidity and buying power.
Since hitting a high overnight, gold has faced moderate but steady selling pressure. Analysts generally expect little volatility in gold prices on Monday—partly due to the US Presidents' Day holiday, and partly due to Ontario's Family Day holiday, with the Toronto Stock Exchange closed for the entire day, resulting in significantly reduced market participation.
Spot gold was trading at $4,978.1 per ounce, down 1.25% on the day.
Meanwhile, trading in the silver market was also subdued. The latest spot silver price was $75.96 per ounce, down 1.75% on the day. Compared to gold, silver performed slightly weaker: it not only failed to hold the $80 per ounce mark, but also showed a significant decline from the high point reached last month.
While gold prices are currently forming a new trading range around the $5,000 per ounce mark, analysts caution that the market has not yet clearly found a bottom, and short-term volatility will remain high. However, most analysts believe that given the still strong fundamentals of the gold market, any subsequent pullback will likely attract buying interest.
Market analyst Elior Manier said that the $5,000 per ounce area will continue to provide strong support for gold prices amid persistently high geopolitical uncertainty.
Elior Manier added, "Only when geopolitical risks significantly ease will gold prices be able to experience a real correction. Even then, at current price levels, the upward momentum of gold prices may temporarily stall. In my view, gold prices may still have room to fall further, but this depends entirely on the subsequent development of the geopolitical situation."
Market analyst David Morrison believes that gold prices currently face some downside risks, with momentum indicators still showing the market to be relatively overbought.
In a report, David Morrison stated, "The core question in the market right now is whether gold prices can rebound sharply from here and attempt to break new all-time highs, or whether a deeper pullback is needed to repair the current momentum. Although the daily MACD indicator has fallen back from the overbought zone, it is still well above the neutral level. At least before gold prices rise further, a period of consolidation is highly likely. In addition, the possibility that it has already reached a temporary high cannot be completely ruled out."
David Morrison further pointed out that gold and silver are likely to remain in a consolidation phase until the Federal Reserve releases a clear policy signal. Currently, the market generally expects the Fed to maintain a neutral monetary policy stance until at least June and not to easily adjust interest rates.
(Spot gold daily chart source: FX678)
Daniel Hynes, senior commodities strategist at ANZ, said that after the latest U.S. inflation data came in below market expectations, market expectations for the Federal Reserve to implement a third rate cut before December have clearly increased.
Daniel Hynes stated, "The long-term outlook for gold remains positive, and the current macroeconomic environment also supports gold prices. Geopolitical and economic uncertainties are likely to persist, with the Trump administration continuing to use tariffs as a means of exerting external pressure. Market attention is gradually shifting towards the potential impact of tariff policies—an impact not yet fully reflected in economic and inflation data—while market skepticism regarding the credibility of future Federal Reserve policies remains. Against this market backdrop, investor demand for physical assets such as gold is expected to further increase."
Overnight, gold prices briefly surged to a daily high of around $5,032 per ounce, but failed to attract sufficient buying interest to maintain momentum. It is understood that the Chinese market was closed for a week due to the Lunar New Year holiday, which to some extent affected market liquidity and buying power.
Since hitting a high overnight, gold has faced moderate but steady selling pressure. Analysts generally expect little volatility in gold prices on Monday—partly due to the US Presidents' Day holiday, and partly due to Ontario's Family Day holiday, with the Toronto Stock Exchange closed for the entire day, resulting in significantly reduced market participation.
Spot gold was trading at $4,978.1 per ounce, down 1.25% on the day.
Meanwhile, trading in the silver market was also subdued. The latest spot silver price was $75.96 per ounce, down 1.75% on the day. Compared to gold, silver performed slightly weaker: it not only failed to hold the $80 per ounce mark, but also showed a significant decline from the high point reached last month.
While gold prices are currently forming a new trading range around the $5,000 per ounce mark, analysts caution that the market has not yet clearly found a bottom, and short-term volatility will remain high. However, most analysts believe that given the still strong fundamentals of the gold market, any subsequent pullback will likely attract buying interest.
Market analyst Elior Manier said that the $5,000 per ounce area will continue to provide strong support for gold prices amid persistently high geopolitical uncertainty.
Elior Manier added, "Only when geopolitical risks significantly ease will gold prices be able to experience a real correction. Even then, at current price levels, the upward momentum of gold prices may temporarily stall. In my view, gold prices may still have room to fall further, but this depends entirely on the subsequent development of the geopolitical situation."
Market analyst David Morrison believes that gold prices currently face some downside risks, with momentum indicators still showing the market to be relatively overbought.
In a report, David Morrison stated, "The core question in the market right now is whether gold prices can rebound sharply from here and attempt to break new all-time highs, or whether a deeper pullback is needed to repair the current momentum. Although the daily MACD indicator has fallen back from the overbought zone, it is still well above the neutral level. At least before gold prices rise further, a period of consolidation is highly likely. In addition, the possibility that it has already reached a temporary high cannot be completely ruled out."
David Morrison further pointed out that gold and silver are likely to remain in a consolidation phase until the Federal Reserve releases a clear policy signal. Currently, the market generally expects the Fed to maintain a neutral monetary policy stance until at least June and not to easily adjust interest rates.
(Spot gold daily chart source: FX678)
Daniel Hynes, senior commodities strategist at ANZ, said that after the latest U.S. inflation data came in below market expectations, market expectations for the Federal Reserve to implement a third rate cut before December have clearly increased.
Daniel Hynes stated, "The long-term outlook for gold remains positive, and the current macroeconomic environment also supports gold prices. Geopolitical and economic uncertainties are likely to persist, with the Trump administration continuing to use tariffs as a means of exerting external pressure. Market attention is gradually shifting towards the potential impact of tariff policies—an impact not yet fully reflected in economic and inflation data—while market skepticism regarding the credibility of future Federal Reserve policies remains. Against this market backdrop, investor demand for physical assets such as gold is expected to further increase."
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