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Geneva Today
By the People, for the People
Gold Prices Slip to One-Week Low as Safe-Haven Buying Stalls, Dollar Strengthens
Investors track geopolitics and Federal Reserve's monetary policy as gold futures decline over 2%
Published on Feb. 18, 2026
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Gold prices fell to a more than one-week low on Tuesday, pressured by a stronger U.S. dollar as investors tracked developments in geopolitics and the Federal Reserve's monetary policy. Spot gold dropped 1.5% to $4,918.65 per ounce, while U.S. gold futures for April delivery lost 2.2% to $4,937 per ounce. The U.S. dollar index rose 0.2% against a basket of currencies, making gold more expensive for holders of other currencies.
Why it matters
The decline in gold prices reflects a pause in safe-haven demand as markets await clarity on the U.S.-Iran nuclear talks and the Federal Reserve's interest rate path. Gold tends to perform well in low-interest rate environments, and the market currently expects the first rate cut for the year to be in June.
The details
Traders are in a wait-and-see mode as the U.S. and Iran hold indirect nuclear talks in Geneva, and Ukrainian and Russian representatives meet for U.S.-mediated peace discussions. Investors will also scrutinize the minutes of the Fed's January meeting, due Wednesday, for further clues on its interest rate-cutting path.
- The U.S. and Iran will hold indirect nuclear talks in Geneva on Tuesday.
- Ukrainian and Russian representatives will meet in Geneva on Tuesday and Wednesday for U.S.-mediated peace discussions.
- The minutes of the Fed's January meeting will be released on Wednesday.
The players
U.S. dollar index
A measure of the value of the U.S. dollar relative to a basket of foreign currencies.
Federal Reserve
The central banking system of the United States, responsible for monetary policy and interest rate decisions.
U.S.
The United States government and its agencies.
Iran
The Islamic Republic of Iran, a country in the Middle East.
Ukraine
A country in Eastern Europe.
Russia
The Russian Federation, a country in Eurasia.
What they’re saying
“Traders are currently in a wait-and-see mode...safe-haven demand has paused as markets await greater clarity from the U.S.-Iran talks, while expectations for the Federal Reserve's rate path could be influenced by the release of the latest FOMC minutes.”
— Ricardo Evangelista, Analyst (ActivTrades)
“Against a backdrop of geopolitical and economic uncertainty, which is likely to support safe-haven demand over the medium to long term, and dovish expectations for the U.S. dollar, I see gold prices consolidating above the $5,000 level and extending their advance towards $6,000 as the year progresses.”
— Ricardo Evangelista, Analyst (ActivTrades)
What’s next
The market will closely follow the outcome of the U.S.-Iran nuclear talks and the release of the Federal Reserve's January meeting minutes for further clues on the direction of gold prices.
The takeaway
The decline in gold prices reflects a temporary pause in safe-haven demand as investors await more clarity on geopolitical developments and the Federal Reserve's monetary policy. However, the underlying uncertainty is likely to support gold prices in the medium to long term, with the potential for the precious metal to consolidate above $5,000 and reach $6,000 by the end of the year.
