Price gains for gold, silver on some safe-haven demand

(Kitco News, Friday. Feb.20th, 2026 ) – Gold prices are trading modestly up and silver prices sharply up in early U.S. trading Friday. Safe-haven demand is featured in the two metals as the U.S. appears to be on the brink of war with Iran. April gold was last up $43.80 at $5,041.20. March silver prices were up $2.631 at $80.26.

World watches huge U.S. military build-up in Middle East. The U.S. military is stationing a vast array of forces in the Middle East, including two aircraft carriers, fighter jets and refueling tankers, with President Trump saying that Iran has 10 to 15 days at most to strike a deal over its nuclear program. “We’re either going to get a deal, or it’s going to be unfortunate for them,” Trump told reporters Thursday aboard Air Force One and as reported by Bloomberg. On a deadline, Trump said he thought 10 to 15 days was “pretty much” the “maximum” he would allow for negotiations to continue. “I would think that would be enough time,” he said. “The deployment is unlike anything the U.S. has done since 2003, when it amassed forces before the invasion of Iraq. It dwarfs the military buildup that Trump ordered off the coast of Venezuela in the weeks before he ousted President Nicolas Maduro. While the U.S. isn’t likely to deploy ground troops, the buildup suggests Trump is giving himself discretion to launch a sustained campaign lasting many days, in cooperation with Israel,” said the report.  While discussions have focused on a sustained campaign far more sweeping than the overnight strikes the US launched against Iran’s nuclear program last June, the president is also weighing a limited early strike designed to drive Tehran to the negotiating table, the Wall Street Journal reported Thursday.

Greenback flexes its muscles this week. The U.S. dollar is poised to notch its best week in four months as traders pare back expectations for Federal Reserve interest-rate cuts while geopolitical risks boost the currency’s safe-haven appeal. Bloomberg said its Dollar Spot Index has climbed 0.9% this week, set for its biggest gain since October. “Heightened inflation concerns and recent U.S. economic data have clouded the outlook for Fed easing this year, buoying the U.S. currency. A continued build-up of U.S. forces in the Persian Gulf has also burnished the appeal of the dollar, a popular destination during uncertain times,” said the report.

SCOTUS U.S. tariff decision could come today. The U.S. Supreme Court is getting ready to hand down its decision on President Trump’s tariffs, with a potential ruling as soon as this morning. The court is set to decide whether the president acted legally or if he overstepped his power. The court heard arguments last year on whether Trump exceeded his authority under the International Emergency Economic Powers Act (IEEPA) when imposing tariffs on goods from virtually every U.S. trading partner. The President has said the U.S. may have to “unwind” trade deals if it loses the Supreme Court case and warned of a “complete mess” if tariffs are struck down. U.S. Treasury Secretary Scott Bessent said the U.S. has other options in case of a Trump administration tariff defeat.

Key U.S. economic data today. A first reading of U.S. economic growth in the fourth quarter of last year is due at 7:30 a.m. CST. Gross domestic product likely grew at a 2.5% annualized rate, according to The Wall Street Journal, slowing from 4.4% in the previous quarter. Another key data point this morning is the Federal Reserve’s preferred inflation gauge: personal income and outlays for December, expected to show U.S. inflation, as measured by the personal-consumption expenditures price index, held steady at 2.8% in the 12 months through December.

The key outside markets today see the U.S. dollar index near steady, with crude oil prices near steady and trading around $66.25 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.1 percent.

Note: The gold market operates through two primary pricing mechanisms. The first is the spot market, which quotes prices for on-the-spot purchase and immediate delivery. The second is the futures market, which sets prices for delivery at a future date. Due to year-end positioning market liquidity, the December gold futures contract is currently the most actively traded on the Comex.

Technically, April gold futures bulls’ next upside price objective is to produce a close above solid resistance at the February high of $5,144.50. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $4,670.00. First resistance is seen at this week’s high of $5,074.40 and then at $5,100.00. First support is seen at $5,000.00 and then at $4,900.00.

March silver futures bulls see the next upside price objective is closing prices above solid technical resistance at $90.00. The next downside price objective for the bears is closing prices below solid support at the February low of $63.90. First resistance is seen at $82.50 and then at $85.00. Next support is seen at the overnight low of $77.285 and then at $75.00.

Posted by:

Jack Dempsey, President

401 Gold Consultants LLC

jdemp2003@gmail.com