Trading Update 15th February 2026

Weekly Gold Report for Spread Bettors

The gold market delivered a tense, reactive week from 8th to 15th February 2026. Traders balanced inflation concerns, currency moves and geopolitical risk. Spot Gold swung sharply as safe-haven flows returned midweek. By the weekend, the metal held firm near recent highs.

Spot Gold began the week around $2,045 per ounce. Early trade remained steady as investors awaited fresh US inflation data. Momentum built on Tuesday and Wednesday as geopolitical headlines increased risk aversion. Prices pushed above $2,080 before sellers emerged near resistance. By 15th February, Spot Gold traded close to $2,070, holding most of the week’s gains.

Volatility increased across metals, currencies and equities. Spread bettors saw strong intraday ranges and technical breaks. Let’s look at the key drivers behind the move.

Spot Gold Price Action and Key Technical Levels

Gold opened the week in consolidation mode. Buyers stepped in near $2,035, providing short-term support. As risk appetite faded midweek, gold broke through $2,060 resistance with conviction. That move triggered stop losses and fresh long positions.

Once above $2,070, momentum funds added exposure. Prices briefly touched $2,085 during peak safe-haven demand. Sellers then aggressively defended the $2,090 area. Profit taking capped further upside into Friday.

Technically, the market now watches $2,100 as the next major barrier. Support sits near $2,045, followed by $2,020. A sustained move above $2,100 could invite fresh trend buying. Failure at current levels may prompt a short-term pullback.

US Inflation Data and Interest Rate Expectations

Inflation data dominated midweek trading. US consumer prices came in slightly above forecasts. Core inflation remained stubbornly strong in services. That outcome shifted rate expectations modestly higher.

Normally, higher rate expectations pressure gold. However, traders focused on the inflation risk rather than policy tightening. Many investors sought protection against persistent price pressures. That supported safe-haven flows into bullion.

The US dollar strengthened after the data release. Dollar strength often weighs on gold. This time, geopolitical risk offset that headwind. The metal held gains despite currency pressure.

Bond yields also rose during the week. Ten-year yields moved back towards recent highs. Gold’s resilience in that environment signalled strong underlying demand.

Geopolitical Tension Drives Safe-Haven Demand

Political tension played a key role in gold’s rally—fresh instability in parts of the Middle East unsettled global markets. Military manoeuvres and diplomatic disputes increased uncertainty.

Investors often turn to gold during periods of geopolitical strain. That pattern repeated this week. Even without direct economic disruption, uncertainty lifted demand.

Eastern Europe also remained in focus. Ongoing security concerns and sanctions discussions kept risk elevated. Political leaders held talks, but clarity remained limited.

In Asia, trade negotiations between major economies stalled again. Markets reacted cautiously to the lack of progress. Safe-haven assets, including gold, attracted steady buying.

These developments added a clear risk premium to the metal—traders priced in caution rather than panic.

Central Bank Signals and Gold Demand

Central banks continued to influence sentiment. Several emerging market central banks reaffirmed their gold reserve strategies. Steady official sector demand supports the longer-term bull case.

Speculation around potential reserve diversification also surfaced. Some policymakers expressed concerns about currency volatility. Gold benefits when trust in fiat systems weakens.

In Europe, policymakers maintained a measured tone on growth and inflation. Markets expect policy rates to remain restrictive for now. However, growth risks persist across the region.

Central bank commentary did not trigger dramatic moves. Instead, it reinforced gold’s role as a strategic asset. Traders view that steady demand as a structural floor under prices.

Impact on Equity Markets and Mining Stocks

Gold’s rally influenced equity markets in different ways. Mining shares outperformed broader indices midweek. Major gold producers gained between 3 and 6 per cent during the strongest sessions. Investors rotated into defensive sectors as volatility rose.

Broader equity markets reacted negatively to rising yields and geopolitical risk. US indices pulled back modestly. European markets showed similar caution. Defensive sectors such as utilities and healthcare also attracted flows.

In the UK, gold miners listed on the FTSE benefited from the price move. Their gains helped offset weakness in more cyclical sectors. Spread bettors trading indices saw clear sector rotation patterns.

By Friday, equities stabilised as gold eased slightly from its highs. The relationship between bullion and stocks remained inverse for most of the week.

Dollar Strength, Currency Moves and Global Politics

Currency markets shaped gold’s path throughout the week. The US dollar index rose after inflation data. A stronger dollar makes gold more expensive for non-dollar buyers. That dynamic limited further upside late in the week.

The euro and pound faced pressure amid softer regional growth data. Political debate around fiscal spending also weighed on sentiment. Currency volatility supported safe-haven demand overall.

In Asia, several central banks intervened verbally to steady their currencies. Market participants remain sensitive to the risk of competitive devaluation. Gold often benefits during such periods.

Trade policy also remained in focus. Tariff discussions between major economies resurfaced. Protectionist rhetoric can unsettle markets quickly. That uncertainty added to gold’s appeal.

ETF Flows and Physical Demand Signals

Exchange-traded fund flows showed modest inflows midweek. Investors increased their exposure during peak geopolitical tension. While flows were not extreme, they supported the rally.

Physical demand from Asia remained steady. Jewellery demand showed seasonal resilience. Investment bar demand also improved as prices broke higher.

Futures market positioning revealed increased speculative length. Traders added long contracts as technical resistance gave way. That positioning helped extend the rally towards $2,085.

However, the build-up in longs also raises short-term risk. If sentiment shifts quickly, profit-taking could accelerate. Spread bettors should closely monitor positioning data.

What Spread Bettors Should Watch Next

The $2,100 level now stands as a key psychological barrier. A decisive break could open the path towards fresh record highs. Failure near current levels may invite consolidation.

Keep an eye on US yield movements. Rising yields can challenge gold’s momentum. Watch the central bank commentary for any change in tone.

Geopolitical headlines remain the wildcard. Markets react quickly to unexpected developments. Position sizing and disciplined stops remain essential.

Monitor equity sector rotation as well. Mining stocks often provide early clues about the direction of bullion. Currency volatility will also influence short-term swings.

Final Thoughts on Gold Market Direction

Between 8th and 15th February 2026, Spot Gold strengthened amid inflation concerns and geopolitical risk. The metal showed resilience despite rising yields and a firmer dollar. Safe-haven demand provided the primary catalyst.

Mining stocks benefited from higher prices, while broader equities faced pressure. Central bank demand and ETF inflows reinforced the bullish tone.

For traders, the week highlighted gold’s dual nature. It reacts to both fear and inflation expectations. Technical levels remain crucial for short-term positioning.

Expect continued volatility in the days ahead—markets balance rate expectations against political uncertainty. Gold sits at the centre of that tug of war.

Check out the up-to-date and historic gold prices here.