Last Updated on February 20, 2026 by Deon
Gold has attempted to end this week well above its key $5,000 per ounce benchmark, yet its rise has not been easy.
After struggling throughout the week, precious metal prices regained momentum on Friday by breaking above this closely followed psychological threshold. Investors continue to assess geopolitical risks, technical signals, and market sentiment while bullion attempts to reach historical territory.
Gold Futures Advance Futures (GC00) inched upward on Friday by rising $43, or 0.9%, to $5,040 an ounce; nevertheless, their weekly performance has been inconsistent.
Gold has experienced its second weekly decline since January 30 (4.47% drop) according to Dow Jones Market Data. If this pattern holds, gold could see its two-week winning streak come tumbling down and mark its greatest weekly decline since that figure.Price action at $5,000 indicates just how vulnerable markets remain around this psychological benchmark for traders.
Silver Outperforms Gold While gold has struggled to sustain gains over time, silver has outshone it by performing better.
Silver Futures (SI00) rallied 3.7% to $80.52, marking their largest weekly increase since January 23 – when the metal surged over 14%!
Silver’s strength indicates broader demand across precious metals, though gold remains the focal point due to geopolitical unpredictability.
Geopolitical Risks Spur Safe-Haven Demand
Commerzbank’s head of FX and commodity research Thu Lan Nguyen reported that both gold and silver are still trading below their January highs; however, geopolitical tensions could provide fundamental support.
reports indicate that the U.S. may launch a limited strike on Iran to pressure them into reaching an accord on nuclear issues, while ongoing talks between Ukraine and Russia have failed to produce tangible steps toward peace.
“Safe havens will remain popular, with gold prices remaining robust in this environment,” Nguyen noted.
Increased global tensions tend to spur investor appetite for assets viewed as safe havens, such as gold. This tends to strengthen gold’s long-term bullish structure.
Technical Signals Indicate Consolidation May Be Needed
Though gold’s fundamentals remain strong, some analysts caution that further consolidation may be required before embarking on another significant rally.
David Morrison, senior market analyst with Trade Nation, pointed out that geopolitical considerations haven’t significantly accelerated gold’s uptrend momentum. According to him, more time may be required for MACD (Moving Average Convergence Divergence) indicators to reach neutral levels before increasing again.
Consolidation may provide the technical foundation necessary for another surge higher. Morrison cautioned that $5,600 may represent a longer-term top if bullish momentum weakens further.
Thin Trading Conditions Increase Volatility
Metals markets have seen reduced trading volumes this week due to reduced participation from Asian markets during China’s Lunar New Year holidays, leading to thinner liquidity which amplifies price swings, leading to uneven performances across metals markets and contributing to this week’s mixed performance.
Outlook for Gold Holds $5,000?
As this week draws to an end, one key question remains – can gold maintain its foothold above $5,000?
As geopolitical tensions escalate, safe-haven demand remains undiminished; however, technical indicators suggest short-term consolidation may still be necessary prior to another sustained move higher.At present, gold’s broader trend remains bullish — yet its future course continues to be marked by considerable volatility.
