Yeliz Akmaca 
Gold prices moved higher today. As of the morning of February 18, 2026, spot gold climbed to $4,929.69, rebounding from the weekly low recorded in the previous session. Silver hovered near $75.73, while investors awaited meeting minutes from the Federal Reserve — anticipation around those signals helped push gold upward.
As Asian trading transitioned into the European open, gold volumes picked up. Algorithmic flows accelerated ahead of U.S. data releases, prompting portfolio rebalancing across desks. For intraday direction, markets are now tightly focused on Fed guidance.
Rate expectations are shifting ahead of the minutes, with traders once again pricing a potential first rate cut toward summer. In this environment, non-yielding assets become more attractive. At the same time, gold bounced from weekly lows, drawing short-term traders back in, while silver’s fragility redirected a larger share of safe-haven demand toward bullion.
Gold rebounds from weekly lows
Market pricing shows spot gold trading around $4,929.69 per ounce, while April delivery futures hover near $4,949.20. The move reflects a technical rebound from the prior session’s weekly trough.
This recovery suggests short-term risk appetite is stabilizing across global commodity markets. Price action aligns with market flows reported by Reuters.
At its core, the rally continues to be shaped by interest-rate expectations. As the probability of easing increases, yield-free assets like gold regain relative appeal.
Silver lags as other metals diverge
Divergence across precious metals is becoming more pronounced. Silver slipped toward $75.73, while platinum traded near $2,049.42 and palladium around $1,714.64, both holding gains. The picture highlights the ongoing tension between industrial demand forecasts and safe-haven positioning.
Gold, in this phase, is responding primarily to macro drivers — especially monetary policy expectations.
Fed outlook continues to steer gold
The Federal Reserve remains the market’s central anchor. Minutes due later today could provide fresh clues on the timing of potential rate cuts.
Futures markets tracked via CME FedWatch suggest traders are leaning toward the first cut arriving in the summer months. If that outlook holds, spot gold could attempt further upside.
Geopolitical uncertainty also persists, keeping safe-haven demand active alongside rate narratives.
Short-term outlook for gold prices
Today’s rebound reflects a technical bounce from weekly lows, a firm but non-aggressive dollar, continued weakness in silver, and growing sensitivity to Fed messaging — all of which now define the short-term direction. The gold–silver ratio jumped from the 61 area toward 66, making silver’s weakness increasingly visible.
In short, gold is currently navigating a data-driven transition zone. A dovish tone in the Fed minutes could open the door to fresh upside tests in spot prices. Otherwise, consolidation within a sideways range remains a realistic scenario.
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