Gold steady near $4,979 as U.S.-Iran tensions, PCE inflation data eyed
Gold prices were steady as traders weighed U.S.-Iran tensions and awaited Friday’s U.S. PCE inflation data, with markets still pricing a first Fed cut in June
Global gold prices were steady overnight as investors weighed U.S.-Iran tensions and focused on inflation data. The gold market continued to move within a narrow range, waiting for other factors to guide direction.
Reuters reported that gold prices were little changed on Thursday (February 19, 2026) as investors assessed the heightened tensions between the United States and Iran. Meanwhile, lower U.S. initial jobless claims suggested stability in the labour market ahead of inflation data due later this week.
Spot gold was unchanged at $4,979.18 per ounce at 1:31pm U.S. Eastern time (18:31 GMT). U.S. gold futures (April delivery) closed 0.2% lower at $4,997.40.
A senior market strategist at RJO Futures said the market is being pulled in different directions and is moving in a tight range, though volatility remains high. He added that tensions with Iran are supporting gold prices, and while the broader outlook remains fairly positive, the market could still see another leg lower driven by other factors unrelated to Iran.
U.S. President Donald Trump warned Iran it must reach a deal on its nuclear programme or “something bad” would happen, and he appeared to set a 10-day deadline before the United States takes some form of action.
Geopolitical and economic risks often support gold, as it is viewed as a safe-haven asset for preserving value.
Fed cut expected in June
Minutes from the U.S. Federal Reserve’s January 27–28 meeting, released on Wednesday, showed policymakers holding differing views on the direction of monetary policy. Some left the door open to raising rates if inflation remains high, while others supported rate cuts if price pressures ease.
Investors are now waiting for the U.S. Personal Consumption Expenditures (PCE) price index on Friday — the inflation gauge the Fed watches most closely — for further signals on the central bank’s policy path.
Markets currently expect the first U.S. interest rate cut of the year to occur in June, according to CME Group’s FedWatch tool. Gold, which offers no interest income, typically performs well when interest rates are low.
Spot silver rose 0.6% to $77.66 per ounce, after surging more than 5% on Wednesday. Spot platinum slipped 0.8% to $2,054.08, while palladium fell 2.6% to $1,671.34.
