Gold Price RECAP February 10-14

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Happy Friday, traders. Welcome to our weekly market wrap, where we take a look back at these last five trading days with a focus on the market news, economic data, and headlines that had the most impact on gold prices and other key correlated assets— and may continue to in the future.

Gold prices are falling back on Friday morning and are likely to close the session with an intraday loss. But the fact that gold’s late-week slide is from a new all-time high and comes at the tail of another strong rally means the yellow metal is still positioned for a seventh-consecutive week-over-week gain.

So, what kind of week has it been?

Condensing what’s been an energetic week of trading, we would say that the last five days have seen the more recent driver of gold pricing— the direct focus on the FOMC’s rate policy for 2025 and beyond, given the expectation of lower rates is a positive signal for the value of precious metals— has taken a back seat to gold’s more historical investment thesis: as a direct hedge against inflation and fears of economic uncertainty.

Before determining this would be the week’s trend, it seemed Wednesday’s CPI number could drive a strong sell-off in gold spot prices or at least add a strong enough headwind to keep a low ceiling on any rally. Gold had surged on Monday to new highs above $2930/oz as traders had the first opportunity to trade in real-time comments that the US President made over the weekend promising/threatening extensive new tariffs on imported goods. That prices eventually stalled after making the new high water mark, in what’s become its own mini-trend this week, triggered a rush of profit-taking liquidations, and the yellow metal began to slide late Monday and through Tuesday until settling back near $2890 ahead of Wednesday’s inflation report.

On its face, we would have predicted that the increase in consumer price inflation reported in the CPI data (core CPI up +3.3% YoY vs. +3.1% exp.) would pull the table out from under gold as it’s a clear signal affirming the FOMC’s plans to slow the pace of interest rate cuts to just two in 2025. Instead, after some pre-market volatility when the report first printed, we saw gold resume its rally and climb steadily higher through the Wednesday and Thursday US sessions, even notching another all-time high at $2935/oz in the spot market. The initial rally was evidently backed by investors’ shock and concern about re-heating inflation; not only how higher price pressures might destabilize what currently feels to be a very fragile global economy, but how the risk of the Federal Reserve needing to resume monetary tightening may as well. Fuel was added to the fire on Thursday, as the US administration again threatened to impose “reciprocal” tariffs on trading partners by April.

In Friday’s trading so far, with little in the way of new inputs to market narratives and trends, we’ve again seen gold’s rally tailing off in the thin bidding above $2925 and traders selling off their positions for profit as a result. This liquidation has been more concentrated and steeper as a result, cutting gold’s spot price back to $2880. This could indicate some heavier resistance, for the time being, at $2900.

Whether we see another attempt towards an eye-watering bid at $3000/oz next week will depend primarily on headline flow out of Washington and potentially the Fed. The macroeconomic calendar is light, thanks in part to Monday’s US market holiday, the main event being Wednesday’s release of FOMC minutes.

In the meantime, traders, I hope you can get out and safely enjoy your weekend for the next couple of days. After that, I’ll see you back here next week for another market recap.

Matthew Bolden

Matthew Bolden is an active trader and investor. His passions include writing about financial markets in a simple, pragmatic way. His work has been seen in various arenas within the world of global finance, and he has written commentary on several markets including precious metals, stocks, currencies and options.

Matthew is an avid reader, student of the markets and sports enthusiast who resides in the greater Chicago area.

Courtsey To : Goldprice