【USA】Precious Metals Prices Stage Strong Rebound! Spot Gold Rises 2.39%, Reclaims $5,000 Mark

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Editor’s Note

Precious metals surged this week, with gold reclaiming the $5,000 per ounce level. This rebound highlights the assets’ strong momentum in 2024.

Gold and Silver Stage Strong Rebound

Gold and silver prices staged a strong rebound.

On February 13 local time, spot gold rose 2.39%, reclaiming the $5,000 mark to settle at $5,042.205 per ounce, marking a 16.76% increase year-to-date. Spot silver rose 2.81% to $77.338 per ounce, up 8.05% year-to-date.

International precious metals futures also closed broadly higher on Friday. Wind data shows that COMEX gold futures rose 2.33% to $5,063.80 per ounce, accumulating a weekly gain of 1.51%. COMEX silver futures rose 2.10% to $77.27 per ounce, but posted a weekly decline of 0.33%. After experiencing a historic plunge, gold prices have risen for the second consecutive week, while silver prices continue their downward trend.

Inflation Data and Market Reaction

On the news front, a report released by the U.S. Bureau of Labor Statistics on February 13 local time showed that the U.S. January CPI fell year-on-year to 2.4%, below expectations, while the core CPI dropped to 2.5%, hitting its lowest level since 2021.

“The positive reaction to the inflation data is tempered by the prospect of continued improvement in the labor market, as it reduces the necessity for the Fed to cut rates further,” said Jonathan Cohn, Head of U.S. Rates Strategy at Nomura Securities International.
“This again shows that the Fed remains more sensitive to the employment policy objective,” Cohn added. “I think part of the repricing (sell-off) we saw in financial markets this week was more due to a weakening risk sentiment rather than the economic data itself.”
“Given that the January U.S. CPI data was not as strong as feared, the Fed’s ‘normalization’ rate cut path appears clearer,” said Lindsay Rosner, Head of Multi-Sector Fixed Income Investing at Goldman Sachs Asset Management. “This will depend on whether the job market continues to show signs of improvement, as the Fed is highly sensitive to labor market weakness. We expect the Fed to cut rates twice this year, with the next cut potentially occurring in June.”
Geopolitical Support and Analyst Views

Furthermore, evolving geopolitical situations have also supported the appeal of precious metal assets. According to a CCTV News report, U.S. President Trump confirmed on February 13 local time that the U.S. military will deploy a second aircraft carrier strike group to the Middle East to pressure Iran into reaching an agreement with the United States.

Galaxy Securities stated that the rise in precious metals prices has significantly preceded the emergence of monetary easing. Unlike previous cycles where metal price increases typically followed monetary policy easing measures, this round of gold’s rally began in July 2023, still within the Fed’s rate-hiking cycle. The main drivers pushing gold prices are expectations of de-dollarization, increased gold purchases by global central banks, and geopolitical risk premiums.

Despite significantly increased volatility in the precious metals market recently, several Wall Street institutions raised their gold price targets this week.

David Wilson, Head of Commodities Strategy at BNP Paribas, said this week that the current gold rally is “justified” due to persistent macroeconomic and geopolitical risks, and gold prices are expected to climb to $6,000 per ounce by year-end, with the gold-to-silver ratio rising further.

“I think there is still room for further divergence (between gold and silver prices). For me, gold possesses a unique value that silver cannot provide to the same degree in terms of risk hedging,” Wilson noted.

Wells Fargo analyst Edward Lee wrote in a report this Monday:

“The recent pullback appears to be a healthy correction following an exceptionally strong rally. From January 22 to 29, gold prices were more than 30% above the 200-day moving average, a level difficult to sustain and often triggers profit-taking. We expect the market to enter a consolidation phase after such a rapid ascent.”

The institution expects the gold rally to regain momentum and has raised its 2026 year-end gold price target to the range of $6,100-$6,300 per ounce.

“We do not believe the bull market is over. Our view is that gold will continue to benefit from persistent geopolitical uncertainty, macroeconomic volatility, and continued buying by central banks,” Lee pointed out.
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⏰ Published on: February 14, 2026