London, Feb 21, 2026, 17:17 GMT — The market finished the session.
Gold punched back above $5,000 an ounce Friday, staging a sharp rally late in the week that pushed bullion squarely into focus just before markets reopen on Sunday. By 1908 GMT, spot gold had risen 1.5% to $5,071.48, with U.S. April futures closing up 1.7% at $5,080.90. Spot silver surged 5.8%, landing at $82.92. “He will try to re-establish tariffs using other statutes, which will promote volatility,” said independent metals trader Tai Wong. Markets are still reflecting expectations for two quarter-point Fed cuts this year, beginning in June. Reuters
Gold’s back to reacting to every policy headline—these days, a hot inflation report or even a court decision can jolt the dollar and push Treasury yields around in no time. December’s U.S. inflation numbers caught markets off guard: the PCE price index climbed 0.4% for the month, 2.9% year-over-year, keeping central banks on edge.
On Saturday, Trump amped things up, vowing to boost temporary tariffs on nearly all U.S. imports to 15% from the previous 10%, following the Supreme Court’s rejection of his earlier tariff scheme. According to Reuters, the plan invokes Section 122, capping tariffs at 15% and limiting their duration to 150 days unless Congress signs off on an extension.
Data ended the week on a confusing note. U.S. GDP landed at a 1.4% annualized pace for the fourth quarter, falling short of the 3.0% estimate. The 43-day government shutdown put a dent in consumer spending. “The core of the economy is resilient,” said Michael Pearce, chief U.S. economist at Oxford Economics, though he warned inflation remains high and the Fed probably won’t move. Reuters
Reuters flagged that core PCE, the Fed’s go-to inflation measure excluding food and energy, climbed 0.4% in December—topping the 0.3% forecast and pushing the annual rate up to 3.0%. Barclays economist Pooja Sriram highlighted a sharp 12% spike in legal-services prices for January, describing the category as volatile—she noted it can “alone” sway the monthly figure. Reuters
The rally followed a stretch marked by sharp volatility. On Thursday, spot gold hovered around $4,979, showing little change. RJO Futures strategist Daniel Pavilonis described gold as “whipsawed,” noting that U.S.-Iran tensions continued to lend some support but didn’t remove downside risks. He added that gold might face “one more leg down,” potentially from factors beyond the Iran situation. Reuters
Futures moved in fits and starts. The April gold contract bounced between about $4,999 and $5,131 on Friday, according to Investing.com, settling close to $5,081. Trading volume came in at roughly 128,000 contracts.
The market isn’t open at the moment. COMEX gold futures on CME Group trade Sunday to Friday, but pause for an hour each day—leaving prices frozen through the weekend and any headline risk piling up until Sunday’s open.
Looking ahead, U.S. producer price numbers for January are set for release at 8:30 a.m. Eastern on Feb. 27, according to the Labor Department’s calendar. The Commerce Department’s BEA lines up the Personal Income and Outlays report, which features the PCE inflation readings, for March 13.
