New York, Feb 16, 2026, 05:27 (EST) — Market closed.
- Spot gold down 0.7% at $5,007.70/oz in early trade
- Holiday closures drain liquidity; firmer dollar weighs
- Focus turns to Fed minutes later this week
Gold price today edged lower on Monday as holiday shutdowns drained liquidity and a firmer dollar pressured demand. Spot gold, traded for immediate delivery, was down 0.7% at $5,007.70 an ounce by 0858 GMT, while U.S. April gold futures slipped 0.4% to $5,027.90. (Reuters)
The timing matters. Gold is sitting on a big, round-number level around $5,000, and thin markets can make small flows look like a trend.
U.S. financial markets are closed for Presidents Day, with trading set to resume on Tuesday, which can leave price action jumpy and headline-driven. (MarketWatch)
In China, the Shanghai Futures Exchange said it will be closed for the Spring Festival from Feb. 15 through Feb. 23, reopening on Feb. 24. That keeps a lid on liquidity across Asia. (shfe.com.cn)
“Gold is range-trading around $5,000/oz in a week with lower liquidity due to holidays,” UBS analyst Giovanni Staunovo said. Zain Vawda, an analyst at MarketPulse by OANDA, said he would pull back his medium-term gold target “closer to the $5,100-$5,200 range”. (MarketScreener)
Rate bets are still doing most of the work. Market participants are pricing 75 basis points of Fed cuts this year — basis points are hundredths of a percentage point — with the first move seen in July, according to LSEG data cited in a Reuters report. (mint)
Gold does not pay interest. When investors think rates are headed down, the metal can look better versus cash and bonds; when the dollar firms, it can cut into demand outside the United States.
Geopolitical risk is also in the mix, even as traders hesitate to chase it in thin trade. Iran is pursuing a nuclear agreement with the United States and talks are due in Geneva on Tuesday, Reuters reported. (Reuters)
But the holiday tape can flip fast. A stronger dollar or any pushback from Fed officials against easier policy expectations could drag bullion back below $5,000, with sharper swings possible in more growth-sensitive metals such as silver.
The next clear catalyst is Wednesday, when the Federal Reserve is scheduled to release minutes from its Jan. 27-28 meeting. (federalreserve.gov)
