Gold Prices Rebound Ahead of FOMC Minutes

Markets await clues on rate-cut outlook from the Federal Reserve's January meeting minutes.

Published on Feb. 20, 2026

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Gold prices rose on Wednesday, rebounding from a one-week low hit in the previous session as markets await the release of the Federal Reserve's January meeting minutes for hints about the rate-cut outlook. Spot gold rose 1.1% to $4,929.69 per ounce, while U.S. gold futures for April delivery gained 0.9% to $4,949.20.

Why it matters

Gold prices are closely watched as an indicator of economic sentiment, with non-yielding bullion tending to perform well in low-interest-rate environments. The release of the FOMC minutes could provide further clues on the path of future interest rate decisions by the Federal Reserve.

The details

Analysts expect gold prices to trade in a broad range of $4,700 to $5,100 for the entire year. After the FOMC minutes, investors will also parse the U.S. Personal Consumption Expenditures report for December, due on Friday, for further indications on where rates may head this year. Markets currently expect the Fed to cut interest rates in June, per CME's FedWatch Tool.

  • The Federal Reserve's January meeting minutes are due to be released later today (February 18, 2026).
  • The U.S. Personal Consumption Expenditures report for December 2025 is scheduled to be released on Friday, February 21, 2026.

The players

Austan Goolsbee

Chicago Fed President, who said the Federal Reserve could approve "several more" interest rate cuts this year if inflation resumes a decline to the central bank's 2% target.

Michael Barr

Federal Reserve Governor, who said that another central bank interest rate cut could come somewhere well down the road considering ongoing risks to the U.S. inflation outlook.

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What they’re saying

“Broadly speaking, $4,700 to $5,100 will be a broad range for the entire year.”

— Jigar Trivedi, Senior Research Analyst, IndusInd Securities

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco Resident (San Francisco Chronicle)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.