New York, Feb 16, 2026, 12:07 EST — The market is now closed.
Gold took a more than 1% hit on Monday, with spot prices tumbling below $5,000 an ounce as the U.S. dollar strengthened and thin holiday volumes set the tone. Spot bullion dropped 1.3% to $4,976.37 per ounce as of 1619 GMT. U.S. Comex gold futures for April delivery also softened, down 1% at $4,996.60. “Gold is range-trading around $5,000/oz in a week with lower liquidity due to holidays,” said UBS analyst Giovanni Staunovo. MarketPulse’s Zain Vawda at OANDA clipped his medium-term target, now looking for $5,100–$5,200 instead of $5,500. Reuters
With U.S. stock markets and banks shut for Presidents Day on Monday, metals desks are left navigating the holiday lull. Trading volume typically thins out, and the tape often gives off more noise than actual movement.
Asia lacked a major player too. The Shanghai Futures Exchange—China’s top spot for trading gold and silver contracts—has been closed for the Spring Festival since Feb. 15, with plans to reopen on Feb. 24. The holiday pause leaves the market without a key onshore buyer.
CME Group is alerting traders to changes around Presidents Day: CME Globex will observe a holiday window from Feb. 15 to Feb. 17, while Chicago floor trading shuts down Feb. 16. The exchange typically pins down specific closing times roughly two weeks out from each holiday.
Spot gold slipped 0.4% to $5,020.10 an ounce by 0111 GMT, pulling back after a 2.5% jump in the previous session. The U.S. dollar index edged higher. Data from LSEG indicated traders are factoring in about 75 basis points of Fed rate cuts for this year — roughly 0.75 percentage point — with the first move anticipated in July. Spot silver dropped 0.6% to $76.92 an ounce. Platinum was off 0.4%, while palladium managed a 0.4% gain.
Some traders took profits after Friday’s surge, with few new reasons to keep buying in play. “Gold has given back some of Friday’s post-consumer price index (CPI) gains today due to thinner trading conditions and a lack of fresh upside catalysts,” said Tim Waterer, chief analyst at KCM. Waterer added that gold would probably need a renewed slide in the dollar if it’s going to push for $6,000 before year-end. Dawn
Spot gold in London slipped as much as 1.5% to roughly $4,967, according to BullionVault, before clawing back some losses around midday. “Potentially limiting additional upside in the near term,” said Saxo Bank’s Ole Hansen, with China staying closed until Feb. 23. BullionVault
Geopolitics wasn’t far from the surface. Iran and the U.S. will meet for more talks in Geneva on Tuesday. U.S. officials, according to Reuters, say they’re getting ready for a potentially prolonged military push if negotiations don’t pan out.
Holiday quirks can cut both ways. Should liquidity pick up Tuesday and the dollar pull back, gold could rebound fast. But strong U.S. data or hawkish Fed minutes might delay rate-cut expectations, putting bullion under pressure.
According to the Fed’s February schedule, any stats slated for Washington’s Birthday will hit on Tuesday, Feb. 17. Rate watchers, mark your calendars: minutes from the Jan. 27-28 meeting drop Feb. 18 at 2 p.m. ET.
The Fed convenes for its next policy meeting March 17-18. Gold traders are watching the dollar and fresh U.S. data, but risk headlines—whether they calm down or intensify—remain just as crucial.
