Gold's push back above $5,000 is picking up steam, but it's been a bumpy week

By Barbara Kollmeyer

Gold is aiming to end the week firmly above $5,000 an ounce.

Gold's bumpy recapture of the $5,000 level this week seemed to get a boost on Friday as the precious metal pushed further above that closely monitored level.

Gold futures (GC00) rose $43, or 0.9%, to $5,040 an ounce, but the week has marked a struggle to maintain that psychologically important level. Gold is down $9.50 this week so far, and it's set to snap a two-week winning streak, according to Dow Jones Market Data. That would mark the biggest weekly drop since a 4.7% fall for the week ending Jan. 30.

Silver prices (SI00) were up 3.7% to $80.52 an ounce. That metal's week is looking better than gold's, as it's up $2.30, or 2.9%, to $80.26 an ounce, and is currently up for two consecutive weeks. Silver is set for its biggest one-week gain since the week ended Jan. 23, when it jumped 14.45%.

"Both silver and gold are trading well below their January highs. However, the threat of escalation in the conflict between the U.S. and Iran is likely to have a fundamentally supportive effect on prices," said Commerzbank's head of FX and commodity research, Thu Lan Nguyen.

The U.S. is considering a limited strike on Iran to pressure the country into a nuclear agreement, according to the Wall Street Journal.

"In addition, the latest talks between government representatives from Ukraine and Russia have so far failed to bring about any noticeable progress towards a peace settlement. Against this backdrop, safe havens are likely to remain in demand and the gold price should remain well supported," the Commerzbank analyst wrote.

Still, others argued that the threat of a U.S.-Iran armed conflict hasn't lifted gold's appeal that much. "This means it may need to consolidate for longer to help bring the MACD [moving average convergence/divergence momentum indicator] down to more neutral levels," wrote David Morrison, senior market analyst at Trade Nation, in a note. "Then the conditions may be right for another rally. Alternatively, $5,600 may mark the top."

Metals markets have also been calmer in the absence of many Asian traders due to China's Lunar New Year holidays.

-Barbara Kollmeyer

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02-20-26 0841ET