Market Brief: Gold Price Action and Outlook **February 19, 2026** Gold prices are experiencing a marginal retreat this Thursday, with spot prices hovering near the **$4,980** level. This follows a volatile Wednesday session where the metal briefly breached the psychological **$5,000** resistance mark, reaching a peak of **$5,003.85** before easing. The current dip is primarily driven by a strengthening U.S. Dollar and a cautious stance from investors ahead of critical economic triggers. Markets are closely analyzing the recently released Federal Reserve meeting minutes, which suggested a more patient approach to interest rate cuts than some had anticipated. Key Price Levels and Data In the global spot market, gold remains consolidated just below the **$5,000** per ounce threshold. Silver has shown relative strength, rebounding to approximately **$76** per ounce during Asian trading hours. Domestic markets in India reflect this global cooling. 24K gold is currently trading near **₹15,419** per gram, while 22K gold stands at **₹14,134**. These rates represent a slight correction from earlier February highs, which saw prices peak near **₹16,058** at the start of the month. Factors Influencing the Market Several macroeconomic and geopolitical variables are currently dictating price direction: * **Inflation Metrics:** Market participants are focusing on the upcoming Personal Consumption Expenditures (PCE) report. Current data shows annual inflation at **2.4%**, with core inflation holding at **2.5%**. * **Monetary Policy:** The Federal Reserve maintained rates at **3.75%** in January. Current market pricing suggests a potential for two to three rate cuts later this year, with the first likely in June. * **Geopolitics:** Ongoing tensions in the Middle East and Eastern Europe continue to provide a floor for prices, though recent "guiding principles" for nuclear talks between the U.S. and Iran have temporarily dampened safe-haven urgency. * **Central Bank Demand:** Structural support remains robust as central banks are projected to purchase approximately **755 tonnes** of gold in 2026, continuing a trend of reserve diversification. Sector Performance and Supply Mining sector performance remains a highlight for the year. Major producers are reporting expanded margins due to the elevated price environment. Production guidance for 2026 remains steady, though supply is projected to remain tight due to regulatory constraints and limited new mining permits. Despite the immediate pullback, the broader technical trend for 2026 remains bullish. Analysts point to a long-term trajectory that could see gold challenge the **$5,100** resistance level in the coming weeks, with some institutional forecasts targeting **$6,000** per ounce by the second half of the year. The market is currently entering a phase of healthy profit-taking and consolidation. Liquidity is expected to normalize as major Asian markets return to full activity following the Lunar New Year holidays, potentially providing the necessary volume to test higher resistance levels.