Weekly Gold Market Analysis: February 21, 2026
This week, the gold market witnessed a significant rally, with prices reaching new heights in response to geopolitical tensions and central bank activities. The spot price of gold closed at $5,062 per ounce, marking an increase of $64.60 or 1.29% from the previous session on February 20, 2026 (usagold). This upward trend has been mirrored across various markets, including the COMEX Gold February 2026 futures, which jumped by $79.6 to settle at $5,055.5 (Barchart).
Key Events Impacting Gold Prices
This week’s gold market was primarily influenced by escalating geopolitical tensions, particularly between the United States and Iran. The heightened risk of conflict has spurred increased demand for gold as a safe-haven asset. Additionally, central bank purchases have re-accelerated, with annual buys consistently over 1,200 tonnes, supporting prices above $5,000 per ounce. Goldman Sachs has set a year-end target of $5,400 per ounce, driven by sovereign buying (usagold).
The Federal Reserve’s policy outlook also played a crucial role. Investors are cautiously awaiting the PCE inflation and Q4 GDP data, which could influence interest rate expectations. Falling European bond yields have reduced the opportunity cost of holding gold, further boosting its appeal (dailyexcelsior).
Technical Analysis of the Weekly Chart
This week, the gold market has displayed strong technical momentum. The MCX Gold in India reached ₹1,59,500 per 10 grams, climbing ₹850 from the previous close (dailyexcelsior). Key support and resistance levels are observed at ₹15,600 and ₹15,800, respectively, with the February high targeted at ₹16,073 (sundayguardianlive).
Outlook for Next Week
Looking ahead, gold prices may continue to benefit from geopolitical uncertainties and central bank buying. Analysts suggest that if tensions between the U.S. and Iran persist, demand for gold as a safe haven could remain strong. Furthermore, any dovish signals from the Fed regarding interest rates might provide additional support to gold prices. However, investors should remain cautious as any resolution in geopolitical tensions or stronger-than-expected economic data could temper the rally.
Major Themes for Gold Investors
For gold investors, the major themes include monitoring geopolitical developments and central bank activities closely. Sovereign demand is playing a pivotal role in supporting high gold prices, and this trend is expected to continue through the year. Additionally, the structural decoupling of gold from the U.S. dollar’s strength, as seen this week, suggests a changing dynamic in traditional market correlations (usagold).
As always, investors should consider these insights as part of a broader investment strategy and remember that past performance does not guarantee future results. The gold market remains influenced by a multitude of factors, and while current trends are favorable, market conditions can change.
For more detailed insights and updates, stay tuned to MineListings.com, your premier source for mining property news and analysis.
Investment Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or trading advice. The content should not be construed as a recommendation to buy, sell, or hold any security or commodity. Past performance is not indicative of future results. Mining investments carry significant risks, including the potential loss of principal. Always conduct your own research and consult with a qualified financial advisor before making investment decisions. MineListings.com and its authors may hold positions in securities mentioned in this article.
